Hyperliquid HYPE Token Smashes Through Key Fib Level; Is $43 The Next Stop For Bulls?
Hyperliquid’s native token, HYPE, soared over 11% in the last 24 hours, briefly tagging a daily high of $39.93, as its trading volume spiked by 55%. This explosive price move for HYPE follows BitMEX co-founder Arthur Hayes’ challenge to trader James Wynn.
Wynn is a self-described “memecoin maxi” who started with a modest $400K margin and built up to a $1.1 billion BTC perps position using 40x leverage on Hyperliquid. The trade, which captured both praise and criticism, ended with a whopping $25 million profit.
The trader even that at its peak, his wallet showed an unrealized profit of a massive $87 million. Now, with Wynn cashing in that impressive reward, Arthur Hayes has publicly called him out, essentially saying “see you in Ibiza;” a crypto community insider nod associated with celebrating big wins.
Adding fuel to HYPE’s price rally, on-chain analysis firm Lookonchain reported that five large crypto whales collectively bought 794,104 HYPE tokens (worth about $27.8 million) over just the last two days.
These significant buys were concentrated around the $34.80–$35.45 price range for HYPE. Such massive purchases by large holders are often seen as a strong confirmation of growing institutional or big-money confidence in a token’s upward price trajectory.
Looking at the technicals for HYPE, the RSI is currently reading 85.72, confirming that HYPE is firmly in overbought territory, a sign of strong momentum. While traditionally a high RSI suggests pullback risk, assets in a parabolic phase often defy gravity for longer.
On the other hand, the MACD line (4.28) has crossed significantly above the signal line (3.16), a classic bullish crossover indicating strong buying pressure.
As per the chart above, HYPE has surged past the 1.618 Fib extension level at $33.18, and now flirts with the 2.618 level at $43.17, the next potential bullish target if momentum persists.
If bullish momentum holds, a break above $40 could send HYPE toward the $43–$44 range, with $47–$50 possible in an overextended rally scenario. However, should a pullback occur, key supports lie at the 0.786 level ($24.86) and 0.618 level ($23.18). A fall below $27 (Fib 1.0) could accelerate profit-taking.