What to Know

  • Hyperliquid’s HYPE token has risen by 3% in the past 24 hours as bulls work to keep price action above the psychologically important $90 level.
  • U.S. Core PCE Price Index data showed a monthly increase of 0.2% in August, coming in 10 basis points below consensus expectations.
  • The softer inflation print helped lift crypto market sentiment as the implied odds of an October rate hike fell from around 50% to 37%.
  • HYPE remains the best-performing project in the top 10, with a 270% year-to-date gain.
  • Market participants are watching whether the Federal Reserve postpones a 25bps interest rate increase to December, a scenario that could support risk assets.
  • Hyperliquid’s real-world asset activity on HIP-3 has cooled, with weekly RWA volumes dropping from a recent peak of $37.5 billion in the last week of July to $8 billion last week.
  • Network fees remain on an uptrend, closing last month at $72 million after a 7.5% month-on-month rise.
  • Open interest remains elevated at $3.9 billion, only 9.3% below its recent all-time high.
  • Technical traders are focused on the 4-hour 200-period EMA, after HYPE bounced from that zone and previously delivered a 26% near-term spike after a similar interaction.
  • Some chart watchers see a potential move above $100 for the first time in HYPE’s history if momentum continues to build.

HYPE Holds the $90 Area as Crypto Sentiment Improves

Hyperliquid’s HYPE token is again drawing attention across the crypto market after rising 3% in the past 24 hours. The move comes as bulls attempt to preserve control above the psychologically relevant $90 threshold, a level that has become an important short-term marker for traders assessing whether momentum can extend into higher price zones.

The latest push follows a broader improvement in digital asset sentiment after U.S. inflation data came in cooler than expected. The monthly variation of the Core PCE Price Index stood at 0.2% in August, which was 10 basis points below the consensus estimate for the period. That difference mattered for crypto traders because lower inflation pressure can reduce expectations for tighter monetary policy, even if uncertainty around the Federal Reserve’s next move remains.

Shortly after the inflation figures were released, crypto markets saw a sharp improvement in risk appetite. The shift was linked to a decline in the perceived probability of an October rate hike, with odds moving from around 50% to 37%. For high-beta tokens such as HYPE, that macro backdrop can be especially important, as liquidity expectations often influence demand for assets tied to decentralized trading, speculative growth, and on-chain market infrastructure.

Macro Conditions Add Fuel to the Bullish Case

HYPE’s rally has stood out because buying pressure has persisted beyond the initial market reaction. While many crypto assets often experience brief volatility around major U.S. data releases, HYPE has continued to attract attention as one of the strongest performers in the market’s upper ranks. The token remains the best-performing project in the top 10, with a 270% year-to-date gain.

That performance has made Hyperliquid a closely watched name among traders looking for projects with both price momentum and growing market structure relevance. The platform’s appeal is tied to its decentralized exchange model, its trading activity, and the expansion of instruments available through its ecosystem. In a market where liquidity can rotate quickly, strong year-to-date performance can become both a signal of demand and a source of risk, since elevated gains may also invite sharper pullbacks when sentiment weakens.

For now, the macro question remains whether the Federal Reserve chooses to delay its next 25bps interest rate increase to December. If policymakers postpone the move, market participants may interpret that as a more supportive environment for risk assets. Such a scenario could help sustain HYPE’s latest advance, although traders are likely to remain sensitive to future inflation data, policy commentary, and shifts in broader crypto market liquidity.

RWA Volumes Cool After HIP-3 Launch Momentum

Beyond the price chart, Hyperliquid’s fundamentals are being shaped by activity around real-world assets on the HIP-3 protocol. The rollout has allowed users to trade commodities, indexes, and stocks through the decentralized exchange, adding a TradFi-linked layer to the platform’s existing crypto market focus. This expansion has been viewed as part of a broader trend in which decentralized venues attempt to capture demand for markets that have historically been dominated by traditional financial infrastructure.

However, activity in the RWA segment has moderated from its recent highs. Weekly volumes for RWAs have steadily dropped from a recent peak of $37.5 billion in the last week of July to $8 billion last week. That decline suggests that trading intensity has cooled, which could weigh on fee generation in the near term if lower volumes persist.

Still, the broader fee trend remains constructive. Network fees closed last month at $72 million, marking a 7.5% month-on-month increase. That figure indicates that, even with RWA volumes coming down from their peak, the network has continued to generate rising fees overall. For token watchers, this creates a mixed but important picture: activity in one new segment is slowing, yet aggregate fee performance remains on an uptrend.

Open Interest Signals Traders Remain Engaged

Open interest is another key variable in the HYPE outlook. It remains high at $3.9 billion, only 9.3% below its recent all-time high. Elevated open interest shows that traders continue to maintain significant exposure, which can amplify price moves in either direction depending on funding conditions, liquidation clusters, and momentum.

High open interest is not automatically bullish, but it does suggest that Hyperliquid remains a major focus for leveraged participants. When open interest is elevated near peak levels, the market can become more reactive around key technical zones. A strong upside move may force short positions to adjust, while a sudden break below support can trigger long liquidations. That makes the $90 area, the 4-hour moving average zone, and the path toward $100 particularly important for near-term market structure.

For traders assessing HYPE, the combination of cooling RWA volumes and resilient open interest is notable. It suggests that platform usage patterns are evolving, but speculative interest in the token remains active. The next phase may depend on whether spot buyers continue to absorb supply and whether leveraged positions support or destabilize the move.

Technical Traders Watch the 4-Hour 200-Period EMA

On the technical side, HYPE’s reaction around the 4-hour 200-period exponential moving average is central to the current bullish setup. The token jumped after touching that lower-time-frame EMA, a zone many technical traders use to identify dynamic support during trending markets. The previous time HYPE interacted with this area, it went on to produce a 26% near-term spike.

Some chart watchers believe a similar reaction could put HYPE on track to rise beyond the $100 mark for the first time in its history before the end of the week. That scenario depends on sustained momentum, continued defense of the key EMA area, and a broader crypto backdrop that does not quickly reverse after the inflation-driven rally.

The setup has also been framed as offering a 3x risk-reward opportunity if the stop price is placed below the 200-period EMA. That type of structure is attractive to short-term technical traders because it defines risk around a widely watched moving average while targeting a breakout into uncharted price territory. However, a clean failure below the EMA would weaken the setup and could force traders to reassess bullish expectations.

Momentum Indicators Support the Upside Bias

Momentum is also leaning constructive. The Relative Strength Index has moved above its signal line, a development often interpreted as evidence that positive momentum is accelerating. For traders already focused on the EMA bounce, that RSI behavior adds another layer of confirmation to the bullish case.

Still, momentum signals work best when they align with price structure and liquidity conditions. HYPE’s ability to hold above $90 remains crucial. If buyers continue defending that area and the market avoids a sudden macro reversal, the path toward the high 90s and potentially above $100 remains in play. If the token slips back below key short-term support, the bullish setup may lose force despite the broader strength seen in recent sessions.

The token’s large year-to-date gain also means expectations are elevated. HYPE has already delivered a major advance, and traders may be quicker to lock in profits if momentum stalls. That does not eliminate the bullish case, but it does raise the importance of disciplined risk management, especially around leveraged setups and key intraday support levels.

What Could Decide HYPE’s Next Move?

The next move for HYPE will likely be shaped by a combination of macro data, crypto market liquidity, Hyperliquid platform activity, and technical follow-through. A continued decline in rate-hike expectations could support the broader risk-on tone. Strong network fees and elevated open interest may keep traders engaged. A sustained break toward the high 90s would strengthen the argument that the EMA bounce unlocked enough liquidity for a renewed push higher.

At the same time, cooling RWA volumes remain a factor to watch. If the decline in weekly volumes continues, some market participants may question whether the HIP-3 launch momentum is fading. Conversely, if activity stabilizes or recovers while fees continue rising, that could reinforce confidence in Hyperliquid’s broader ecosystem.

For now, the market’s focus is clear: HYPE bulls want to defend $90, preserve the 4-hour 200-period EMA bounce, and drive price action toward the $100 milestone. A break above that level would be historically significant for the token and could invite additional momentum-driven participation. Until then, the bullish case remains active but dependent on follow-through.

Frequently Asked Questions (FAQs)

Why is Hyperliquid’s HYPE token rising?

HYPE has risen 3% in the past 24 hours as buyers defend the $90 area and broader crypto sentiment improves after cooler U.S. Core PCE inflation data.

What was the latest U.S. Core PCE reading?

The monthly variation of the Core PCE Price Index stood at 0.2% in August, which was 10 basis points below the consensus estimate for the period.

Why does U.S. inflation data matter for HYPE?

Cooler inflation can reduce expectations for tighter monetary policy, which often supports risk assets such as crypto. After the data, the implied odds of an October rate hike fell from around 50% to 37%.

Could HYPE reach $100?

Some technical traders believe HYPE could move above $100 for the first time in its history if the bounce from the 4-hour 200-period EMA holds and positive momentum continues.

What is the key technical level for HYPE?

The 4-hour 200-period exponential moving average is a key level being watched by chart traders. HYPE recently bounced from that zone, and a similar prior reaction led to a 26% near-term spike.

How strong has HYPE been this year?

HYPE remains the best-performing project in the top 10, with a 270% year-to-date gain, making it one of the most closely followed tokens among momentum traders.

What is happening with Hyperliquid’s RWA volumes?

Weekly real-world asset volumes on Hyperliquid have declined from a recent peak of $37.5 billion in the last week of July to $8 billion last week, suggesting activity has cooled.

Are Hyperliquid network fees still growing?

Yes. Network fees closed last month at $72 million, representing a 7.5% month-on-month increase, even as RWA volumes moved lower from their recent peak.

What does high open interest mean for HYPE?

Open interest remains elevated at $3.9 billion, only 9.3% below its recent all-time high. This shows traders remain heavily engaged, but it can also increase volatility if positions unwind quickly.