TLDR
- HYPE hit a new all-time high of $88, up over 51% in the past month
- A mystery whale has accumulated 2.9 million HYPE tokens worth over $220 million
- Hyperliquid has spent $379 million buying back HYPE tokens in 2026
- Price is trading above key moving averages, with the $100 level as the next major target
- Trump’s mention of a potential US launch for the Hyperliquid exchange boosted investor sentiment
Hyperliquid’s native token HYPE reached a new all-time high of $88 on September 4, 2026. At the time of writing, HYPE is trading at $85.78 with a 24-hour volume of $1.53 billion and a market cap of $21.63 billion. The token has gained 5.2% in 24 hours and more than 51% over the past month.
The rally follows a sharp recovery from a bottom near $50 in early August. HYPE has since climbed toward the $90–$95 resistance zone, with traders eyeing the $100 psychological level as the next key target.
Several factors helped push HYPE to its new high. The Hyperliquid exchange saw a surge in users earlier this year as traders used the platform to trade oil futures, drawn by its 24/7 availability. Higher trading activity led to more fee collection, which the protocol channels into buying back HYPE tokens, reducing circulating supply.
President Trump also mentioned at a White House crypto event that CFTC Chair Michael S. Selig is working toward launching the Hyperliquid exchange in the US. No exact date has been given, but the news lifted investor sentiment.
Crypto analyst Jelle highlighted HYPE’s strong upward momentum, noting the token’s performance since earlier entry points. Some traders are planning to take limited profits near $100 while holding most of their position for a potential larger move.
Here's my next look at $HYPE.
The local top for Hyperliquid seems to be in, confirmed by a bearish divergence.
The target to buy on retest would be the previous resistance level sitting in the low $70s.
Pay attention now. https://t.co/QLy6kSUz6e pic.twitter.com/Kf8gjwKSQg
— BATMAN ⚡ (@CryptosBatman) September 2, 2026
However, not all analysts are bullish in the short term. Crypto analyst BATMAN flagged a bearish divergence at the recent local top and suggested the $70 range as a key retest level to watch before re-entering a long position.
Whale Activity Drives Confidence
On-chain data tracked by Lookonchain shows a mystery wallet labeled 0x6436 has been aggressively buying HYPE. The wallet initially purchased 1.28 million HYPE at around $70 three months ago, spending roughly $89.13 million. Over the past 10 days, it added another 1.62 million tokens at an average price of $82.40, totaling around $133.8 million. The wallet now holds approximately 2.9 million HYPE tokens.
Mysterious whale 0x6436 keeps buying $HYPE!
3 months ago, the whale bought 1.28M $HYPE($89.13M) at $70.
Over the past 10 days, the whale bought another 1.62M $HYPE ($133.8M) at $82.4.https://t.co/OaekCN0kMj pic.twitter.com/uOaBKpLPM9
— Lookonchain (@lookonchain) September 4, 2026
Buybacks Lead the Crypto Industry
Data from Hyperliquid Daily shows the protocol has spent $379 million on HYPE buybacks so far in 2026, making it the largest token buyback program in crypto this year, ahead of Pump.fun and Sky.
Technically, HYPE is trading above its 20-day EMA of $77.76 and its 200-day EMA of $55.84. Bollinger Bands are widening, signaling elevated volatility, with the upper band sitting near $95.46.
The next key test is whether buyers can push through the $90–$95 resistance range.
