HYPE trades above $91 after breakout, eyes $100 target as burn reduces supply

HYPE, the native token of Hyperliquid, climbed above a significant resistance zone at $90 and continues to show a bullish technical outlook. The rise comes after HYPE rebounded from lows near $52 in August, attracting renewed interest as trading volume remains strong. HYPE pushes past key resistance At the latest check, HYPE traded near $91.68, solidifying its breakout above the $90 and $93.39 key levels that previously capped upside moves. Traders have closely monitored these zones, with technical patterns indicating a continuation if HYPE maintains its position above $88.50. Crypto analyst CryptoGuru12 took to X to note that a decisive bullish candle propelled HYPE past short-term resistance. The analyst outlined a long trade opportunity in the $91.50 to $93.40 band, marking target areas at $95.50, $98.00, and $100.50, but warned the setup would be invalidated if the price dropped below $88.50. A strong bullish candle carried HYPE past the resistance, maintaining a pattern of higher lows. Entry zones are set between $91.50 and $93.40 with upside targets of $95.50, $98.00, and $100.50. A close below $88.50 would nullify this setup. Technical indicators provide further support to the bullish sentiment. The 20-day exponential moving average stands at $83.20 and the 76-day EMA is at $76.41, both below the current price. The 14-day relative strength index holds at 65.09, indicating elevated buying interest after HYPE briefly touched a session high of $92.41. On-chain dynamics and token burn Onchain Lens reported that Hyperliquid purchased and burned 26,310 HYPE tokens, valued at about $2.42 million with an average price of $91.86. This latest burn brings the platform’s total historical token destruction to 48.76 million HYPE, representing 4.88% of the maximum supply. The funds for these burns originate from Hyperliquid’s platform revenue, which totaled $64.34 million in the last 30 days and $1.26 billion since inception. By reducing the token’s circulating supply, recurring burns could affect price action should demand remain consistent. Hyperliquid’s cumulative burn now surpasses 48 million tokens, funded entirely by platform revenue. The recent action removed $2.42 million in value from circulation, cutting supply by nearly 5% of the cap. While fundamental factors like token burns often drive attention, technical levels remain vital for traders watching HYPE’s price movement. Broader ecosystem and meme token dynamics Hyperliquid’s reach expanded this week as NEAR Protocol introduced confidential perpetual futures trading, with executions routed through Hyperliquid infrastructure. The new instruments grant users exposure to over 50 perpetual contracts and leverage of up to 40x, combining Hyperliquid’s liquidity with NEAR’s privacy tools. Trade data at the market level remains accessible, maintaining transparency despite an increase in privacy features. When monitoring trending tokens and breakout opportunities, swift market reactions can generate notable returns within the meme token sector.