HYPE Token Sees Strong Rally After Robinhood Listing, Poised for Further Growth

HYPE Surges Over 13% Amid Robinhood Integration

Following its recent listing on Robinhood, HyperLiquid’s native cryptocurrency, HYPE, has seen a significant surge in value, with its price jumping more than 13% within a single day. On October 24, Cointelegraph reported that HYPE briefly reached $40.87 during Friday's trading, driven by a combination of heightened market attention and increasing demand. Analysts are now projecting that the token could rally by as much as 40% by November, bringing its potential price target to $56.50.

Technical Breakout: HYPE Targets $56.50

HYPE’s recent price action has broken through a descending wedge pattern, a technical chart setup often associated with upcoming bullish momentum and potential reversals. After weeks of sideways trading, the breakout occurred as HYPE surpassed both the wedge's upper trendline and the 200-day exponential moving average (EMA), which is currently set at approximately $38.

This critical development has shifted investor sentiment, as these levels now act as pivotal support zones. With trading volume increasing alongside price action, the breakout appears to confirm growing buying enthusiasm. Such interest suggests a possible rally to the $56.50 mark in the coming weeks, which would represent a 40% gain from current levels.

Crypto analyst CryptoPatel underscores this outlook, emphasizing that a rise beyond the $50 threshold is attainable. He points to the lower trendline of HYPE’s previous ascending channel as further supporting evidence for this bullish projection.

Potential Risks to HYPE’s Stock Momentum

Despite these promising indicators, there are risks that could threaten HYPE’s upward trajectory. Analysts caution that if HYPE fails to sustain its position above the critical 200-day EMA around $38, the breakout may be invalidated, turning into what's known as a “false signal.” Such a scenario could trigger a pullback, with prices potentially retreating to a support range of $32–$34.

Additionally, a drop below the $32 level raises concerns about further declines, with prices potentially cascading down to the low $20 range. According to CryptoPatel, the $32 mark is a critical threshold for avoiding significant losses. However, he views lower price levels as an opportunity for long-term investors. The $20 zone, in particular, is supported by strong buying interest, making it a desirable accumulation area for those looking to capitalize on HYPE’s potential in the long run. Despite volatility risks, CryptoPatel ruled out a drop to $10, which he identified as the token’s ultimate support level even under a worst-case scenario.

Investor Sentiment: Opportunities Amid Volatility

The Robinhood listing has introduced HYPE to a broader audience, boosting investor interest and raising optimism about its potential for sustained growth. Nonetheless, market participants are adopting a cautious stance given the token’s current volatility. To validate the ongoing uptrend, HYPE’s ability to hold near-term support at around $38 will be pivotal. Traders are closely monitoring this level to assess the breakout’s strength and the likelihood of a continued rally.

As HYPE eyes its projected $56.50 target, market sentiment reflects a mix of excitement and prudence. With growing exposure and an expanding investor base, the coming weeks will be critical for the token. Retaining key support levels will be essential to maintaining upward momentum and preventing a reversal. HYPE’s performance in the short term will ultimately determine whether its current breakout can evolve into an enduring trend.