Hyperliquid’s HYPE token has surged approximately 88% in two months, approaching the $100 psychological level. This rally is supported by genuine revenue growth, with daily revenues doubling from $1.5 million in Q2 to $3 million in Q3, peaking above $5 million in August. The protocol’s buyback program through its assistance fund has quadrupled from $5 million to $20 million weekly, creating sustained buying pressure on the token. Open interest has hit a record $8.8 billion, surpassing the previous bull-market peak from last October, indicating highly aggressive positioning. A rejection at the $100 level combined with this crowded derivatives book could trigger forced liquidations toward the $85-88 support zone.
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