Hyperliquid Ignites $2.5B Hype with $1.11M Token Burns

Hyperliquid has made waves in the market by burning $1.11 million worth of HYPE tokens over the last 24 hours. This significant move is part of a larger trend, with Hyperliquid directing $1.16 million in revenue to its Assistance Fund. As a result, cumulative burns have reached $2.56 billion, representing 4.62 percent of the one-billion-token maximum supply.

The market's reaction to this development is being closely watched, particularly by traders tracking HYPE price prediction. According to technical analysis, the current price of $55.39 sits within its Bollinger Bands, with the upper resistance at $55.99 serving as a near-term volatility target. The lower band at $50.57 marks short-term support, while the EMA50 at $54.59 provides concrete structural support.

The MACD golden cross at 0.38 suggests a bullish trend, despite an RSI reading of 62.07 indicating no overbought pressure. This combination points to a likely probe of the upper band before any healthy retracement toward the 50-EMA.