Hyperliquid's HYPE Token Surges Past $50 Milestone on Bitwise Endorsement

Breaking: HYPE Token Reaches $50 for First Time Since September 2025

The HYPE token from Hyperliquid surged past the $50 mark on Wednesday, reclaiming a price level last seen in September 2025. The rally was fueled by a high-profile endorsement from Bitwise's Chief Investment Officer, Matt Hougan, who argued the token is undervalued.

Hougan's remarks, published in a weekly memo on Tuesday, triggered a wave of buying activity. The token climbed over 15% in the past 24 hours, according to market data.

Background

Hyperliquid is a decentralized exchange (DEX) that uses its own blockchain for high-speed trading. The HYPE token is central to the platform's ecosystem, used for staking, fee discounts, and governance.

HYPE had been trading in the $30–$45 range since October 2025, following a sharp decline from its all-time high above $70 earlier in the year. Wednesday's breakout above $50 represents a significant recovery.

What This Means

For traders, the crossing of the $50 resistance level could signal a bullish trend reversal. The token's relative strength index (RSI) also entered overbought territory, suggesting strong momentum.

Investors are now watching whether HYPE can hold above $50 and target the next resistance at $60. However, some analysts caution that the move may be overextended in the short term.

Expert Quotes

"The market is clearly undervaluing Hyperliquid's potential," said Bitwise CIO Matt Hougan in a memo Tuesday. "The platform's unique technology and growing user base justify a higher valuation."

Hougan's endorsement carries weight given Bitwise's reputation as a crypto asset manager. The firm had previously avoided making calls on specific tokens.

Market Reaction

Volume on derivative exchanges involving HYPE spiked 120% after the memo was released. Open interest in futures contracts also hit a three-month high.

The rally extended to other tokens in the DeFi sector, with the broader market seeing modest gains. Bitcoin rose 2% amid the positive sentiment.

What's Next

Hyperliquid's development team is expected to release a major protocol upgrade next month, which could sustain interest. Hougan hinted that Bitwise may include HYPE in future investment products.

Traders should watch for profit-taking at the $50 level. A close below $48 could invalidate the breakout.