Hyperliquid has seen a surge in prices with rising expectations for the release of HIP-4. HYPE has strongly rebounded due to interest in fully collateralized result contracts during the recent trading session.
The contract is settled within a fixed price range and limits profit and loss. This design is suitable for predictive markets and option-style DeFi strategies. While the upward expectations are high, demand has yet to reach its peak.
Impact of Hyperliquid HIP-4, price not reflected
Despite HYPE's strong performance, its market share within SNS is relatively low. Data suggests that the discussion volume is limited compared to similar price surge cases.
This suggests that the recent surge has not attracted widespread attention from individual investors. Low SNS exposure reduces the risk of position overcrowding and supports trend continuation even in volatile periods.
Another factor is the fatigue of traders. Many investors are maintaining a cautious attitude after repeatedly experiencing single asset surges during bear markets. Additionally, news related to HIP-4 has not yet sufficiently spread to the cryptocurrency public.
This perception delay is preventing excessive speculative demand and is helping HYPE avoid entering overbought territory.
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Derivatives data shows a strong buying position advantage in the futures market. According to the liquidation map, long positions are clearly dominant. The scale of long position liquidations is about $3.86 million, while short liquidations are only $93,700. This imbalance indicates that investors expecting further rises are confidently securing their positions.
When there is such a significant concentration, the upward momentum is further strengthened. HYPE short position holders must close their positions when the price rises, thus increasing upward pressure. However, risks are also concentrated in certain ranges.
The largest liquidation area is around $26. If this area is approached, $3.86 million will be liquidated, which could impact the bullish structure and weaken confidence across leveraged positions.
The price of HYPE is currently around $36. The token has risen nearly 20% in the last 24 hours. After a 76% surge over the past two weeks, the upward trend continues.
This steep increase reflects strong demand and interest in the new protocol changes of Hyperliquid.
The upward trend is primarily driven by expectations before the launch rather than speculation after the launch. This flow suggests that the upward trend may continue even after the introduction of HIP-4. Investor inflow remains strong, and there are no signs of dispersion. If the overall market stabilizes, further rises for HYPE can be expected.
Based on the current price, HYPE is 60.5% lower than its all-time high of $59. Recent strong momentum suggests that this difference could narrow quickly. The short-term target is to recover the range of $42 to $47. If this price range is maintained, a strong trend will be confirmed, and a re-break of the ATH (all-time high) can be aimed for.
However, if investor sentiment weakens or momentum slows, the risk of decline remains. If the support line at $30 breaks, HYPE will be exposed to a larger drop. In such a case, it could fall to $26, and if it breaks below this level, the bullish logic could be invalidated, leading to large-scale liquidations.