HYPE Eyes $100 After Pennant Breakout, ETFs and Futures Rally

Hyperliquid’s native token HYPE rose about 30% to near $74 after a breakout above a bull pennant, projecting a measured upside target near $105. Futures open interest topped $3.5 billion and US spot HYPE ETFs have netted $122.2 million.

The pennant formed after a sharp late‑May rally created a flagpole, followed by a tightening consolidation inside a symmetrical triangle. HYPE moved above the triangle’s upper trend line on rising volume over the weekend. Applying the pattern’s measured target method places a target near $105.30, which traders estimate could be reached by June or July if the pattern holds.

Technical indicators show momentum has accelerated. The relative strength index climbed above 77, which places the token in overbought territory by common technical definitions. The 20‑day exponential moving average sits near $58.32 and is the nearest commonly watched support level.

Derivatives data show growing leverage in HYPE markets. Open interest in Hyperliquid futures rose to about $3.5 billion, up from roughly $1.41 billion at the start of the year. The open interest‑weighted funding rate was near 0.0050% every eight hours and remained positive during the recent rally, indicating that long positions paid short positions to hold perpetual contracts.

Liquidation figures since May 20 show heavier losses for short sellers. Short positions incurred approximately $126.28 million in liquidations, while long positions saw about $68.85 million liquidated over the same period.

Spot ETF flows add to market activity. US‑listed HYPE funds from Bitwise and 21Shares launched on May 12 and have drawn a combined $122.2 million in net assets since their debut.

Regulatory context changed last Friday when the Commodity Futures Trading Commission recognized perpetual futures as useful tools for price discovery and risk management. HYPE’s price rose about 25% after the regulator’s announcement.

On fundamentals, Hyperliquid generated roughly $57.9 million in app revenue on a 30‑day rolling basis, placing it second among chains by that measure. The protocol routes 99% of collected fees to an Assistance Fund that uses the proceeds to buy HYPE on the open market.

Market participants are watching key levels. Traders will monitor the $58 area around the 20‑day EMA for support and the $100–$105 zone as the measured upside target if the pennant breakout remains intact.