HYPE Soars Beyond $40 Following Robinhood Listing: What’s Next For Hyperliquid’s Price?

Robinhood has listed HYPE, the token for the decentralized exchange Hyperliquid, causing its price to surge significantly. HYPE's price rose above $40 on Thursday, reflecting a 13% intraday gain. The token's market capitalization is approaching $11 billion after a remarkable 1,000% increase since its launch. Trading volume for HYPE has also seen an 18% increase in the last 24 hours. This price surge follows Hyperliquid Strategies' plan to raise $1 billion for a HYPE token buyback. The company currently holds roughly 12.6 million HYPE tokens and has dedicated cash reserves for further token acquisitions. HYPE is currently trading around $40.54, which is still 31% below its earlier peak. Key resistance levels are set at $42, $46, and $50 if the price attempts further gains. Immediate support is anticipated at $35, offering a buffer against price drops. Breaking $40 would establish a short-term support level.