HYPE Price Eyes $100 Rally as Hyperliquid Deflationary Burn Takes Hold
Hyperliquid (HYPE) is in a crucial spot as it defends a key support zone that could determine its next major move. Analysts believe that if buyers continue to be active, the HYPE price may experience a bullish continuation.
The token's substantial burn has also strengthened the scarcity narrative, but sustained demand, ecosystem growth, liquidity, and broader market conditions remain essential for further upside.
At present, the HYPE price is trading at $54.50 with a 24-hour trading volume of $312.72 million and a market capitalization of $13.76 billion. Despite a 3.01% loss over the last 24 hours, the HYPE price structure and network growth point to a potential bullish reversal.
According to Chiefrat's analysis, the HYPE price is approaching a critical technical support zone as its current correction potentially forms Wave 4 of an Elliott wave structure. The $53, $51 weekly support region may determine the next major direction for the token.