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Hyperliquid’s HYPE defies the market malaise and could rise further, say analysts

In today’s crowded world of cryptocurrencies, it can be hard to find a popular coin that has not dropped by 20% or more in recent weeks. Yet Hyperliquid (HYPE) stands out as an exception. Its recent performance has surprised many observers and led some analysts to think more gains could come soon.

The Lone Survivor

The wider crypto market has not been kind to most well-known coins. Bitcoin (BTC) has fallen to a roughly 14-month low near $69,000. Ethereum (ETH) is having trouble staying above the $2,000 mark. Ripple’s XRP and Solana (SOL) have both slumped about 27% over the past seven days. Against this backdrop, Hyperliquid’s token, HYPE, has managed to rise and is trading around $32. This represents roughly a 50% gain over the last two weeks.

HYPE Price, Source: CoinGecko

Many investors are asking why HYPE is doing so well when the rest of the market is weak. The answer seems to be a mix of positive developments in the Hyperliquid ecosystem and signs of growing interest from large players in the space.

Positive developments around Hyperliquid

First, there is news from the payments and investments world. Ripple announced that its institutional prime brokerage platform, called Ripple Prime, now supports Hyperliquid. In simple words, a prime brokerage is a service used by big investors to borrow and trade large sums of money, and this support could make HYPE more appealing to these investors.

Second, Grayscale, a well-known investment firm, said it is encouraged by a rise in perpetual futures trading for assets that are not traditional cryptocurrencies on a decentralized exchange. Perpetual futures are a kind of contract that lets traders bet on price movements without owning the actual asset. A growing interest here can mean more trading activity and potential price movement for HYPE.

On the chain side, data shows growing interest in HIP-3 activity. HIP-3 refers to a set of updates or features on the Hyperliquid platform that support more trading options or improved efficiency. The important numbers are the skyrocketing trading volume and open interest. Open interest (OI) is the total value of all outstanding derivative contracts that have not been settled. In plain language, it shows how much money is tied up in bets about future prices. The recent figures reached new highs of about $1 billion in OI and $4.8 billion in 24-hour trading volume. This means a lot of money is moving through Hyperliquid and people are placing many bets on where HYPE could go next.

These developments help explain why HYPE has attracted attention. Many analysts have offered optimistic forecasts for the token. One analyst who uses the X handle Crypto General believes there could be more volatility ahead, followed by a big move that could push HYPE well above $100 later this year. A separate voice, Zach, says there are “so many reasons to buy and hold HYPE.” He even commented that a spot entry around the yearly open at $25 would be nice if it happened, but nothing is guaranteed. His tweet read: "There are so many reasons to buy and hold $HYPE. The more it takes over market share and volume, the bigger the buybacks are, which is one of the reasons it’s so strong. Really would love to get a spot entry around yearly open of $25 but who knows if it’ll come" — @CryptoZachLA, February 4, 2026.

Another well-known analyst, Crypto Tony, joined the conversation as well. He suggested that HYPE could do “magical things when the market conditions are right.” For readers looking for more bullish views, there is a dedicated article covering these forecasts in more detail.

Can Hyperliquid Follow the Pack?

Despite the bullish talk around HYPE, it is important to remember that the broader crypto market remains unsettled. If conditions stay bearish for a longer period, HYPE could also be pulled lower. One analyst with the handle Greeny warned that the Hyperliquid token might fall back to around $20 later in 2026. This kind of scenario shows that even the best performers can reverse course if market sentiment changes strongly.

Overall, the question many investors are asking is whether Hyperliquid can continue to outperform the market or if the gains will fade as the general conditions for cryptocurrency trading become tougher. The article that started this discussion on CryptoPotato closes with the headline: Hyperliquid (HYPE) Soars by 50% in 2 Weeks: Can It Pump Even More? and notes that the story is still developing.

About the broader market

To understand why HYPE might be able to push higher, it helps to know a bit about the rest of the market. In many weeks, the prices of big cryptocurrencies can move together. When the market is strong, most coins rise; when the market is weak, many coins fall. This week and the last few weeks have shown a tough environment for buyers. That makes the two-week gain by HYPE more noticeable to traders who look for quick moves or new opportunities.

Investors should always remember that price changes in cryptocurrencies can happen quickly. They can be driven by many things, such as news about regulation, new technology, or moves by large investors.

For readers who want to explore more about specific terms used here, the following definitions can be helpful:

Beyond the specific terms above, many readers will also hear about concepts like open interest (the total value of unsettled contracts) and perpetual futures (contracts that aim to track price movements of an asset without an expiry date). Those ideas are part of how traders measure activity and expectations in markets that move quickly and can be risky.

In short, Hyperliquid’s climb to around $32 and the accompanying high trading activity are drawing attention. Whether this momentum lasts depends on a mix of company-related progress, market mood, and broader crypto developments that affect all players in this fast-moving space.

Originally appeared on CryptoPotato.

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