Hyperliquid Market Cap Rockets Past SUI On Record Hype, Hitting $42 – Will It Surpass Cardano?

Hyperliquid’s native token, HYPE, has reached a new all-time high of $41.74, pushing HYPE’s market cap to $13.39 billion and surpassing SUI’s $11.75 billion valuation to claim the 13th position among cryptocurrencies on June 10.

This 15% surge in just 24 hours has positioned HYPE close to challenging Cardano’s $25.11 billion market cap for a top-10 ranking, sparking intense speculation about whether the momentum can sustain such ambitious targets.

HYPE is approaching the psychological barrier of $50, with Fibonacci targets projecting potential peaks at $51, $77, and even $103. Analysts are bullish on its upward momentum, but the big question is: will HYPE keep up with the hype?

Andrew Tate’s high-profile adoption of Hyperliquid is one of the key factors in HYPE’s recent surge. The controversial influencer strategically showcases massive leveraged positions.

On June 10, Tate shared a now-deleted snapshot of his 25x-leveraged long Ethereum position, which was already sitting on a 138% profit as ETH climbed 7% to $2,700.

trying to escape the blockchain still i see pic.twitter.com/TByy2HIxOc

His earlier $100 million Bitcoin long bet from June 8 has generated substantial returns as BTC pushes above $109,000 toward fresh all-time highs.

Alongside this controversial figure, on-chain data reveals that one whale purchased 259,367 HYPE tokens for $9.976 million at an average price of $38.46, with this investor reportedly realizing over $10 million in lifetime profits from HYPE trades.

2 whales bought 385,720 $HYPE($14.9M) in the past 3 hours.

0x7E4E spent 9.97M $USDC to buy 259,367 $HYPE at $38.5.

0x5dE5 spent 4.94M $USDC to buy 126,353 $HYPE at $39.1 and staked it.https://t.co/PwHnsKCDhshttps://t.co/YjRdr0ujwb pic.twitter.com/DGEjeQaBBX

The speculation surrounding a potential Binance.US listing has added another layer of institutional validation, with the platform teasing key facts about Hyperliquid just one week after initial rumors surfaced.

Don't know what all the $HYPE is about? Lock in with some fast facts about Hyperliquid. pic.twitter.com/bBPOhxrkKM

This potential listing comes as Hyperliquid recorded $248 billion in perpetual trading activity in May 2025 alone.

The convergence of celebrity promotion, whale accumulation, and institutional recognition has created a feedback loop driving trading volume and token demand.

all in spot $HYPE & chill pic.twitter.com/9vK6MYRs0V

The HYPE/USDT daily chart shows that the token has steadily increased since clearing the $26–28 zone, which previously acted as resistance and now appears to act as support.

Earlier in the year, price carved out a rounded double-bottom pattern during March, April, and May, forming a base that underpinned the subsequent rally.

As of the latest bar, HYPE is trading near $39–40, pushing above recent swing highs on above-average volume.

Beneath the price action, the RSI has climbed into the upper 60s, nearing overbought territory. A bullish divergence was evident in April when the price made a similar low while the RSI printed a higher low, foreshadowing the current uptrend.

More recently, there was a brief indication of bearish divergence at peak RSI readings, hinting at potential short-term consolidation rather than an abrupt reversal.

In other words, momentum remains generally positive, but it warns against chasing new highs without regard for a pullback or pause.

Given the current structure, a more sustainable path would see HYPE pausing or retesting the new support area, likely around the mid-$30s, before resuming its climb.

If that support holds, the logical upside target lies near the next supply zone around $45, where prior highs may induce selling pressure.

Should the price falter below the $26–28 support pivot, the bullish thesis would weaken, but as long as that level remains intact, the trend remains upward.

Additionally, analysts point to a Fibonacci extension analysis that projects the next major target at $46.35 based on the 141.40% extension from December’s high of $35.51 to April’s low of $9.32.

next fibonacci targets are for $HYPE are $51 | $77 | $103. pic.twitter.com/SYczItIkXB

More ambitious projections reach $51, $77, and potentially $103 if the current momentum sustains. However, technical analysis also suggests key support levels that must hold for the bullish thesis to remain intact.

The $35 support is a key floor, and a break could potentially trigger a deeper correction toward $26.

As it stands now, HYPE is approaching overbought levels; traders should monitor for potential profit-taking that could create temporary pullbacks before the next leg higher toward the ambitious $50+ targets that have captured the cryptocurrency community’s imagination.

In summary, indicators and chart structure favor a continuation higher after a reasonable consolidation or retest, with $45 in sight as the next area of interest.

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