Hyperliquid's Rally Faces Crucial Test at $100

Hyperliquid (HYPE) has surged by 88% in roughly two months and is now sitting just below $100. The platform's open interest recently printed a record $8.8 billion, but this surge in derivatives positions may not be entirely driven by speculation.

The rally behind HYPE is backed by real revenue growth and an accelerating buyback program, rather than pure speculation. Average daily revenue rose from about $1.5 million in Q2 to $3 million in Q3, a straightforward doubling.

However, record open interest also means a crowded derivatives book, which cuts both ways if HYPE fails to hold above resistance. The market's macro backdrop matters here too, with crude oil slipping below $90 potentially easing inflation pressure and deepening the broader risk-on trade that's already lifting crypto.