Hyperliquid (HYPE) Jumps 76% in 2 Weeks as HIP-4 Launch Nears — Is More Upside Left?

Hyperliquid has recorded a sharp price surge as anticipation builds around the launch of HIP-4. HYPE has rallied strongly in recent sessions, driven by interest in fully collateralized outcome contracts. 

These contracts settle within fixed price ranges and cap gains and losses. The design suits prediction markets and options-style DeFi strategies. While optimism is rising, demand has not yet peaked.

Hyperliquid’s HIP-4 Impact Yet To Be Reflected In Price

Despite HYPE’s strong performance, social dominance remains relatively muted. Data shows limited discussion compared with similar price outliers.

This suggests the rally has not attracted broad retail attention. Lower social exposure often reduces the risk of overcrowded positioning, which can support trend sustainability during volatile market phases.

Another factor appears to be trader fatigue. Many market participants remain cautious after repeated single-asset pumps during a broader bear cycle. Additionally, HIP-4 developments have not fully reached mainstream crypto audiences.

This delayed awareness is preventing excessive speculation and helping HYPE avoid entering overbought territory.

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Derivatives data highlights strong bullish exposure in the futures market. Liquidation maps show a clear dominance of long positions. Long-side liquidations stand near $3.86 million, while short liquidations total just $93,700. This imbalance reflects confident positioning among traders expecting continued upside.

Such skewed exposure often fuels momentum during rising trends. As the price climbs, HYPE shorts are forced to cover, reinforcing upward pressure. However, risk remains concentrated.

The largest liquidation cluster sits near $26. A move toward that level would trigger $3.86 million liquidation, challenging bullish structure and weakening confidence across leveraged positions.

HYPE Price Could Charge Towards ATH

HYPE price is trading near $36 at the time of writing. The token gained almost 20% in the last 24 hours. This move builds on a 76% rally over the past two weeks.

The acceleration reflects strong demand and growing interest in Hyperliquid’s upcoming protocol changes.

The rally has largely been driven by anticipation rather than post-launch speculation. This dynamic suggests upside may persist following the HIP-4 rollout. Investor inflows remain strong, and there is no clear evidence of distribution. If broader market conditions stabilize, HYPE could extend gains further.

From current levels, HYPE remains 60.5% below its all-time high of $59. Recent momentum suggests this gap could narrow quickly. Short-term targets include reclaiming $42 and $47 as support. Holding these levels would confirm trend strength and keep the ATH within reach.

However, downside risk remains if sentiment shifts or momentum weakens. A loss of the $30 support would expose HYPE to deeper declines. Under that scenario, the price could fall toward $26. A breakdown at that level would invalidate the bullish thesis and trigger large-scale liquidations.