Hyperliquid Forecast: HYPE Breakout Puts $100 in Sight

Hyperliquid (HYPE) has been the top-performing cryptocurrency in the top 10, with a remarkable year-to-date (YTD) gain of 218%. The trading platform's progress is being propelled by the U.S. government's efforts to facilitate legal access to decentralized exchanges. President Donald Trump's meeting with crypto executives at the White House and the U.S. government's proposed rules for the crypto sector have contributed to the bullish sentiment around HYPE.

Furthermore, the Treasury Department's decision to double its buybacks has added to the positive market outlook. Despite these encouraging developments, net inflows to Hyperliquid ETFs in the United States have been relatively modest, with only $15 million being invested so far this month.

On-chain data reveals strong bullish signals, including a spike in volumes to their highest level since late May at $82 billion last week, and open interest increasing by 35% in the past month. Liquidations have also surged to $3.2 billion, primarily driven by BTC liquidations. The token recently broke its $75 ceiling on August 22 with above-average trading volumes, suggesting a solid breakout.

This breakout may act as support if the price pulls back and may continue to rally towards the $100 level, a significant psychological threshold. The U.S. government's endorsement of Hyperliquid could signify the beginning of a new bullish phase for the project's native asset, potentially attracting the attention of the world's largest financial institutions.