HYPE Hits Discovery Mode Above $90, $100 Is Now Just a Psychological Staircase 🪜

Hyperliquid's $HYPE token set a new all-time high on Monday, with the Bybit perpetual contract reaching $91.96 as the spot price traded near $91.07, up more than 8% over 24 hours. The breakout cleared the previous record near $89.57 and $89.60, pushing the token into price discovery.

A key driver is Payward, the parent company of Kraken, which has disclosed plans to offer US clients on-chain perpetual futures through Hyperliquid's HIP-3 markets. Hyperliquid's ecosystem has also expanded with the launch of manual borrowing, allowing users to supply $HYPE or Bitcoin as collateral to borrow USDC and USDT directly, with Hyperliquid reporting $269 million in borrowed assets across the underlying infrastructure. NEAR Protocol separately launched confidential perpetual futures powered by Hyperliquid, enabling traders to keep positions and trading details private. The US SEC also granted an innovation exemption for certain tokenised stock trading on decentralised platforms.

Trading activity has tracked the price action, with daily $HYPE volume near 2.72 million tokens. Technical indicators remain constructive: the RSI sits at 65.35, below the traditional overbought threshold, while the MACD is showing a drop in selling pressure with levels heading for a bullish crossover. The price remains inside a rising channel that has guided the broader uptrend since late 2025.

From the $91.07 level, $HYPE would need to gain roughly 9.8% to reach the $100 psychological barrier. A sustained move above that level would open upside milestones at $110 and $120, while a failure to hold the breakout could send the price back toward the $85 to $88 range.