Hyperliquid's HYPE Token Surges Past $89.92, Enters Top 10 Cryptocurrencies

Hyperliquid's native token HYPE has broken into the top 10 cryptocurrencies by market value, surpassing Dogecoin and trailing Zcash by a thin margin. The surge in price comes as Hyperliquid expanded its product stack, launching a native lending product that allows users to borrow USDC or USDT using HYPE or Bitcoin as collateral.

The token's market capitalization now stands at $22.61 billion, with a 24-hour trading volume of $1.58 billion, indicating deep liquidity behind the move. According to Aksel Kibar of Tech Charts, the daily chart has completed a 'breakout, pullback, and continuation' pattern, indicating that HYPE has finished its local consolidation phase and is now moving decisively higher.

Kibar identified a medium-term target of $100.5 for the token based on chart measurements, with the critical support level sitting at $76.6. The integration of Hyperliquid's infrastructure into Near Protocol's confidential trading system also contributed to the surge in demand for HYPE.