HYPE price hits $51 ATH on Hyperliquid buybacks, eyes $65
HYPE price surged 34% in 24 hours to an all-time high of $51.07. The rally came as Hyperliquid boosted its buyback program from 97% to 99% of fees and expanded its validator set to 24. These moves cut HLP fee share from 3% to 1%, increasing the perpetual bid on HYPE tokens. Data from analyst Aylo shows the protocol generated $29 million in daily revenue on August 18, surpassing Ethereum and Solana. Spot trading volumes even outpaced Coinbase and Bybit. Meanwhile, Bitcoin reclaimed $111,000 and Ethereum rose above $4,600, adding 1.11% and 4.31% respectively. Technical indicators show strong momentum for HYPE price, with RSI near 69 and bullish MACD. Fibonacci extensions set targets at $51.60, $56.60, $61.62 and $64.72. Key support lies at $48.50 and $46. Traders should note heightened market sentiment as HYPE price eyes $65.
Bullish
Hyperliquid’s aggressive buyback increase and validator expansion have created continuous buying pressure on HYPE, driving the token to an ATH. Historically, token economies with high buyback ratios, such as Binance’s BNB quarterly burns, have led to sustained price rallies. The protocol’s record daily revenue of $29 million indicates strong fundamental demand, outperforming major networks like Ethereum and Solana. Combined with technical breakout from a symmetrical triangle and bullish indicators (RSI near overbought, positive MACD), the HYPE price is positioned for further gains toward the $65 Fibonacci extension. In the short term, momentum traders may push the price higher. In the long term, if Hyperliquid maintains high buyback rates and continues generating high fees, HYPE could see increased scarcity and steady appreciation. However, traders should monitor support at $48.50 and $46 in case of profit-taking.