Analysts pick the most bullish crypto to watch now

Hyperliquid ($HYPE) has emerged as the most bullish cryptocurrency by analyst sentiment, even as the broader market faces renewed selling pressure.

Data shared by CryptoQuant on October 18 ranks $HYPE first among eight major crypto assets, with a bullish sentiment score of +2.3 standard deviations.

$HYPE analysts’ bullish outlook. Source: CryptoQuant

BNB followed at +1.5, Solana (SOL) at +1.3, and Bitcoin (BTC) and Cardano (ADA) at +1.2 each. XRP scored +1.1, Ethereum (ETH) +0.6, and Uniswap (UNI) +0.5.

The bullish outlook centers on Hyperliquid’s fee-driven buybacks, rally, and growing trading activity, with price targets ranging from $100 to $120.

$HYPE bullish case

The $HYPE crypto rally has been supported by protocol revenue, buybacks, and investor demand. Unlike tokens driven primarily by speculation, $HYPE benefits from trading fees generated by Hyperliquid, a decentralized exchange focused on perpetual futures and other on-chain markets.

Hyperliquid directs substantial trading-fee revenue to its Assistance Fund, which purchases $HYPE on the open market. By October 2026, the program had accumulated approximately $1.26 billion in buybacks, according to an October 14 report.

In October, earnings from USDC reserves also began contributing to the buyback program, with an initial payment of approximately $14.58 million. These purchases provide recurring demand, helping support $HYPE as the broader market weakens.

However, the rally has been volatile, with $HYPE climbing from an early-August low of about $50 to a September peak near $97, a gain of roughly 94%. It subsequently retreated as selling pressure increased, highlighting the risks despite its strong fundamentals.

$HYPE price analysis

Bullish forecasts identify $100 to $120 as potential price targets. Reaching $100 would require a gain of approximately 29% from the press-time price of $77.51, while $120 would represent an increase of roughly 55%.

$HYPE price chart. Source: Finbold

Technical indicators, however, paint a more cautious picture. $HYPE trades below its 50-day simple moving average (SMA) of $85.96 but remains above its 200-day SMA of $63.65. Its 14-day relative strength index (RSI) stands at 36.94, indicating weakened momentum without confirming oversold conditions.

A recovery above $85.96 could strengthen the technical outlook, while a decline toward $63.65 would expose $HYPE to further downside risk.

Despite its strong analyst sentiment, $HYPE remains vulnerable to market volatility, profit-taking, and shifts in leveraged trading activity.

Lower trading volumes could also reduce the fees available to fund buybacks, weakening one of the token’s main demand drivers.

Featured image via Shutterstock