Hyperliquid HYPE Nears $100 as Token Burns and Institutional Interest Grow

Hyperliquid's native token, HYPE, is trading near $93 on October 6, 2026, just 8% away from the $100 mark and 5% below its recent all-time high of approximately $98. The token's recent advance follows a recovery from the $88 to $90 range, with HYPE reaching around $93.75 on October 5. The technical momentum remains strong, supported by a new $10.15 million token burn and the addition of Hyperliquid perpetual pricing to Bloomberg Terminal.

However, HYPE still faces resistance between $93.75 and $98 before $100 becomes a confirmed breakout target. The token's future unlock schedule poses a significant supply risk despite continued buybacks and burns. On the downside, $92 is the first support level, followed by $90 to $91 and $87.50.

HYPE is currently about 5% below its record high of $98, reached on September 23. In comparison, Bitcoin and Ethereum are roughly 32% and 45% below their peaks, respectively. A breakout above $98 would remove recent historical resistance, making $100 both a psychological target and the first major round-number resistance.

The latest rally coincided with a significant reduction in HYPE supply, as Hyperliquid burned $10.15 million worth of tokens. This brought cumulative HYPE burns to about 49.25 million tokens, valued at roughly $4.45 billion. However, token unlocks remain a major risk, with approximately 250.6 million HYPE circulating out of a total supply near 951 million.

Hyperliquid also gained visibility among professional market participants this week, as Bloomberg Terminal now provides 24-hour streaming prices for selected Hyperliquid perpetual contracts. Additionally, HYPE ETFs have returned to inflows in October, recording $5.63 million in net inflows, bringing cumulative net inflows to approximately $343.08 million.