HYPE’s Rally Has Real Fuel but $100 Is a Critical Test

Hyperliquid (HYPE) has gained 88% in roughly two months and is sitting just below $100, and Hyperliquid’s open interest just printed a record $8.8 billion.

Those two facts are related, but not in the simple way the rally’s biggest fans want to believe.The move toward the all-time high is backed by real revenue growth and an accelerating buyback program, not pure speculation.

But record open interest also means a crowded derivatives book, and a crowded book cuts both ways if HYPE fails to hold above resistance.Hyperliquid Recovery Meets Reality: Why the $100 Test Is Arriving NowThe timing isn’t random.

Bitcoin recovered above $85,000 for the first time since January, and that shift in risk appetite pulled speculative capital back into perpetual markets broadly.