According to latest market analysis, Hyperliquid (HYPE) has broken decisively above its previous range and is now targeting $90-$95 as September bull run gains steam. The token is currently trading near $85.39 after successfully breaking above its $86.55 swing high, creating an important test for the market. A successful breakout could extend the advance toward the $90-$95 range, representing significant upside potential from current levels. The technical setup remains bullish with HYPE trading well above its major daily moving averages, including the 20-day EMA at $75.08, 50-day EMA at $67.76, and 100-day and 200-day EMAs at $62.45 and $53.89 respectively. The ADX has climbed to 50.26, confirming a strong directional trend, while the +DI reading of 26.11 remains well above -DI at 6.37, suggesting buyers still control the broader trend.
According to latest reports, Hyperliquid (HYPE) whales have become increasingly active, with a mysterious wallet making 773,107 HYPE purchases worth approximately $63.6 million in recent days. The whale recently bought 141,442 HYPE worth $11.88 million, following nearly 243,178 HYPE bought worth $20.24 million in the past few days. Just days earlier, between August 25 and 27, this wallet accumulated over 387,952 HYPE, worth around $31.5 million through multiple exchanges including Hyperliquid, OKX, Bybit and Gate. The repeated purchases make this activity more notable than a single large whale transaction and suggest the wallet is steadily increasing its HYPE exposure. This whale accumulation adds a strong demand catalyst as HYPE consolidates near the $82–$84 range, below its recent high around $86–$87. The latest whale accumulation comes as HYPE has entered a crucial phase around $81–$84 after falling from its ATH around $86.65, indicating traders are probably digesting the rally instead of extending it.
HYPE now faces resistance around $86.55 as the key test for the current bullish momentum. A daily close above that level could attract fresh momentum traders and push the price toward the $90-$95 region. The token remains above the Supertrend indicator at $78.98, with the 4-hour Supertrend remaining bullish. The daily Bollinger Bands place immediate support at $74.36 and resistance near $94.80. Chaikin Money Flow stands at 0.06, indicating that buying pressure still exceeds selling pressure, though the modest value does not point to strong capital inflows. The 4-hour Stochastic RSI has climbed to approximately 98.16, with its signal line near 94.85, showing that short-term momentum has become heavily stretched as HYPE approaches resistance. A bearish Stochastic RSI crossover while price remains below $85.5 would increase the chance of a pullback toward $82–$83. Key support levels include $78.98 (immediate support), $75.08 (20-day EMA), $73.03 (deeper support), and $68.85–$67.76 (structural support).
Hyperliquid's open interest has expanded considerably during the broader HYPE rally, with OI climbing from roughly $1.5 billion in late 2025 to about $3.45 billion by September. The strongest expansion came between May and June, when open interest crossed $3 billion alongside HYPE's price surge. Although OI declined several times during July and August, it remained elevated, recently recovering toward $3.5 billion as HYPE approached $84. Higher open interest can strengthen rallies when buyers dominate, but excessive leverage can amplify losses during abrupt reversals. Spot market flows have also improved after heavy selling in late May and early June, when net outflows approached $70 million. By September 1, netflow remained positive near $1.48 million, suggesting stronger accumulation and healthier market participation. The combination of strong technical momentum, rising derivatives activity, positive spot flows, and potential US expansion keeps the broader outlook constructive, though cooling volume and mixed CVD metrics suggest the next breakout still needs fresh buying pressure.
Besides technical strength, Hyperliquid faces an important fundamental development with the platform reportedly discussing a potential arrangement with Payward, Kraken's parent company, which could provide a pathway into the US market. Fresh reporting on discussions between Hyperliquid Labs and Payward has given traders a clearer idea of how such access could work. Hyperliquid Labs is reportedly in advanced talks with Payward over offering some Hyperliquid-linked perpetual futures to US traders through Bitnomial, Payward's CFTC-regulated derivatives exchange and clearinghouse. Payward has reportedly presented the basic structure to the Commodity Futures Trading Commission, although the plan has not received regulatory approval. The proposed arrangement would matter because Hyperliquid's main perpetual futures platform remains unavailable to US users. Access through Bitnomial could give American traders exposure to Hyperliquid-linked contracts through regulated infrastructure without opening Hyperliquid's existing decentralised front end directly to the US market. Regulatory clearance remains a major condition before any launch can take place, with one former SEC counsel estimating the process could take another 10 to 12 months, leaving the proposed US entry as a potential catalyst rather than an approved expansion.
