Hyperliquid’s native token HYPE climbed to a fresh all-time high of $88 on September 4, 2026, extending a recovery from near $50 in early August. At the time of reporting, HYPE traded around $85.78 with a 24-hour volume of $1.53 billion and a market capitalization of $21.63 billion. The token gained 5.2% over 24 hours and more than 51% over the past month, with traders now focused on the $90–$95 resistance zone and the $100 psychological target.
Momentum has been supported by several catalysts. Hyperliquid gained users earlier in 2026 as traders used the platform for oil futures trading, attracted by round-the-clock availability. Higher trading activity boosted fee revenue, which the protocol channels into HYPE buybacks. According to Hyperliquid Daily data, the protocol has spent $379 million on HYPE buybacks in 2026, making it the largest token buyback program in crypto this year, ahead of Pump.fun and Sky.
Sentiment also improved after President Trump said at a White House crypto event that CFTC Chair Michael S. Selig is working toward launching the Hyperliquid exchange in the US. No launch date was provided, but the statement reinforced investor interest in HYPE.
On-chain data from Lookonchain shows a mystery wallet labeled 0x6436 has been aggressively accumulating HYPE. Three months ago, the whale bought 1.28 million HYPE at about $70, spending roughly $89.13 million. Over the past 10 days, it added another 1.62 million tokens at an average price of $82.40, worth around $133.8 million. The wallet now holds approximately 2.9 million HYPE tokens.
Additionally, Whale Alert highlighted a transfer of 251,819 HYPE tokens from HyperCore to Kinetiq, valued at approximately $21.43 million. Such moves can signal strategic repositioning by large holders, and traders are monitoring whether further whale activity follows.
Technical indicators show HYPE trading above its 20-day EMA of $77.76 and 200-day EMA of $55.84. Bollinger Bands are widening, with the upper band near $95.46, pointing to elevated volatility. Crypto analyst Jelle noted strong upward momentum, while analyst BATMAN cautioned that a bearish divergence could lead to a retest of the low $70s before the next leg higher.
