The native token of decentralized exchange Hyperliquid ($HYPE) has set a new all-time high and officially entered the top 10 largest cryptocurrencies in the world, according to CoinMarketCap.
Following a powerful technical breakout, the asset reached $89.92, narrowing the distance to the psychological $100 threshold to just 11%.
How the setup promising a three-digit price for Hyperliquid token works
While the rest of the crypto market is searching for new triggers to move, $HYPE is delivering a clean upward impulse. Well-known technical analyst Aksel Kibar of Tech Charts said that a classic bullish scenario has played out on the daily chart.
"Breakout, pullback, and continuation pattern on the HYPEUSDT daily chart for Hyperliquid token against Tether," Kibar described the current setup, pointing to the completion of local consolidation and confirmation of trend strength.
HYPEUSDT daily chart showing a breakout and price target at $100.5, Source: Aksel Kibar / Tech ChartsAfter updating its all-time high around $89.69, the new top-10 cryptocurrency entered price discovery, a market zone where there is effectively no overhead resistance from sellers.
According to Kibar, the chart pattern that has formed opens a direct path for the token toward a calculated medium-term target of $100.5. The main defensive level for buyers now stands at $76.6, which previously acted as strong resistance.
The rally is backed by real liquidity, with daily trading volume in the token exceeding $1.58 billion. With a market capitalization of $22.61 billion, Hyperliquid officially took the 10th spot in the global rankings, pushing Dogecoin down and moving close to Zcash.
The long-term demand driver remains the blockchain's deflationary model, under which nearly 99% of all DEX trading fees are automatically directed to the open market for the buyback and subsequent burning of $HYPE.
The current chart structure shows that the trend remains fully controlled by buyers, while a push toward the three-digit mark projected by Tech Charts remains a matter of the next few trading sessions for the new top-10 token.
