The HYPE token surpasses a major threshold before its IPO

Hyperliquid shakes the crypto market with a spectacular increase of 11.91%. This surge comes as the company unveils ambitious plans: a Nasdaq IPO and a $1 billion fundraising. Institutional investors are closely monitoring this project that aims to become a bridge between decentralized finance and traditional markets.

Hyperliquid breaks a crucial resistance

The HYPE token has just crossed a crucial psychological threshold. After regaining the 61.8% Fibonacci level ($35.84), it now breaks the 200-day moving average, a technical signal that experienced traders have been watching for weeks. 

This performance occurs in a particular context: the platform recently activated its HIP-3 upgrade on October 13, now allowing any developer to create perpetual markets without prior authorization.

Volumes are exploding, revealing strong institutional demand. “Whales” are massively accumulating leveraged long positions. This buying frenzy is not random. It anticipates a major event that could redefine Hyperliquid’s position in the crypto ecosystem.

The next obstacle is at $41.76. A clear breakthrough of this resistance would validate a long-term bullish reversal. For now, the momentum remains favorable. Technical indicators converge toward a continued rally, notably supported by sustained volumes and constant buying pressure.

Hyperliquid’s market capitalization now reaches $11.4 billion. This impressive figure places the project among the major players in decentralized finance. Analysts note that this valuation remains justified given ongoing developments.

A groundbreaking bridge between DeFi and traditional finance

The origin of this surge? An explosive S-1 filing with the U.S. SEC. Hyperliquid Strategies Inc., born from the merger between Sonnet BioTherapeutics (listed on Nasdaq) and Rorschach I LLC, aims to raise up to $1 billion. 

The issuance plans 160 million shares, a large-scale operation that reflects institutional investor confidence.

The raised funds will finance the expansion of the Hyperliquid ecosystem and the strategic accumulation of HYPE tokens. A substantial part will be allocated to token buybacks on the secondary market, mechanically creating additional buying pressure. The rest will feed staking operations, thus reducing the circulating supply available.

This “treasury management” strategy echoes that adopted by MicroStrategy for Bitcoin. It aims to transform Hyperliquid into an institutional investment vehicle listed on the stock exchange. 

Traditional fund managers will thus gain regulated exposure to DeFi without directly managing crypto portfolios.

The open interest on HYPE derivatives markets now exceeds $2 billion. This record level illustrates growing confidence in the platform. Yet, this meteoric rise is not without risks. 

The crash of October 11, 2025 caused over $10.3 billion in liquidations, even surpassing Binance and Bybit. These turbulences revealed certain technical flaws that still fuel concerns.