HYPE Price Nears ATH as Bitcoin Sentiment Boosts Rally
HYPE's price has surged to $73.18, representing a 42% gain since August 1 and putting the native token of Hyperliquid within reach of its all-time high of $76.82.
The recent rally has been driven in part by stronger Bitcoin sentiment, but HYPE is outperforming other major altcoins. Rising trading activity on Hyperliquid is also contributing to the momentum, with social dominance, social volume, and weighted sentiment all increasing alongside the HYPE price.
While the technical picture appears strong, with AO and MACD indicators showing significant momentum, the Relative Strength Index (RSI) has reached 75.55, indicating an overbought condition that could lead to a pause or pullback before another attempt at the record high.
The bigger risk is a potential Bitcoin rejection, which could quickly change HYPE's outlook and send the token's price retreating toward its 200-day EMA band, currently around $51.