Hyperliquid’s native token, HYPE, experienced a significant price surge of over 16% within 24 hours on May 22, 2025, reaching $32.50. This surge followed a high-profile post from former BitMEX CEO Arthur Hayes, who set a bold $100 price target for the token. The breakout also coincided with record-setting on-chain metrics for Hyperliquid’s derivatives platform.
The token’s rally pushed it to its highest level since January, breaking out of a multi-week ascending channel and putting the key resistance level of $35.37, seen in January, back into focus. Despite overbought technical signals such as a Relative Strength Index (RSI) of 78.5, buyer momentum accelerated as traders responded to Hayes’ influential prediction.
Arthur Hayes backed the bullish thesis by highlighting substantial market activity, including a $1.1 billion leveraged Bitcoin long position held by trader James Wynn, which reflected broad risk-on appetite in the crypto market. Hayes’ endorsement acted as a catalyst, driving renewed interest and fresh inflows into HYPE.
Fundamentals of the Hyperliquid platform supported the price movement, with trading open interest surging to a record $8.9 billion and daily trading fees surpassing $5.4 million. Total value locked in USD Coin (USDC) grew sharply to $3.2 billion. Discussions around potential fee-to-value buyback mechanisms are gaining traction, although Hyperliquid has not confirmed any such plans.
Technically, HYPE’s breakout from a rising channel and bullish MACD divergence suggest upward momentum toward the $35.37 resistance level, with a failure to break possibly triggering a pullback to around $27.50. The token’s robust volume, liquidity, and leverage activity underscore a structural tailwind for the asset.
Arthur Hayes’ $100 target and a $2 million investment have amplified market enthusiasm and spotlighted Hyperliquid within the broader derivatives and altcoin sectors. Traders are increasingly attentive, supported by platform data reflecting strong fundamentals alongside aggressive price action.