Hyperliquid Surges to New High, Eyes $92 Target Amid Buyback Fuelled Rally

Hyperliquid (HYPE) has reached an all-time high of $84.80, its second record in seven days. The altcoin currently trades at around $84.07, up nearly 4% today, with a market cap nearing $19 billion.

The rally cleared the old $77 ceiling last week and has since held that level as support. Weekly and daily charts now point to $92 as the next resistance band.

The price surge is attributed to two key factors: buybacks and a regulatory nod. Hyperliquid activated its AQAv2 reserve yield program on August 26, directing roughly 90% of the cost-adjusted yield from $6.74 billion in USDC deposits toward HYPE buybacks.

This move adds around $182 million per year to revenue under a 3% yield scenario, an 18% lift on current daily earnings of approximately $2.76 million. The first distributions are scheduled for October 3.