Hyperliquid Market Cap Rockets Past SUI On Record Hype, Hitting $42 – Will It Surpass Cardano?

Hyperliquid’s native token, HYPE, has reached a new all-time high of $41.74, pushing HYPE’s market cap to $13.39 billion and surpassing SUI’s $11.75 billion valuation to claim the 13th position among cryptocurrencies on June 10.

This 15% surge in just 24 hours has positioned HYPE close to challenging Cardano’s $25.11 billion market cap for a top-10 ranking, sparking intense speculation about whether the momentum can sustain such ambitious targets.

HYPE is approaching the psychological barrier of $50, with Fibonacci targets projecting potential peaks at $51, $77, and even $103. Analysts are bullish on its upward momentum, but the big question is: will HYPE keep up with the hype?

Celebrity Endorsements and Whale Activity Drive HYPE’s New ATH

Andrew Tate’s high-profile adoption of Hyperliquid is one of the key factors in HYPE’s recent surge. The controversial influencer strategically showcases massive leveraged positions.

On June 10, Tate shared a now-deleted snapshot of his 25x-leveraged long Ethereum position, which was already sitting on a 138% profit as ETH climbed 7% to $2,700.

His earlier $100 million Bitcoin long bet from June 8 has generated substantial returns as BTC pushes above $109,000 toward fresh all-time highs.

Alongside this controversial figure, on-chain data reveals that one whale purchased 259,367 HYPE tokens for $9.976 million at an average price of $38.46, with this investor reportedly realizing over $10 million in lifetime profits from HYPE trades.

The speculation surrounding a potential Binance.US listing has added another layer of institutional validation, with the platform teasing key facts about Hyperliquid just one week after initial rumors surfaced.

This potential listing comes as Hyperliquid recorded $248 billion in perpetual trading activity in May 2025 alone.

The convergence of celebrity promotion, whale accumulation, and institutional recognition has created a feedback loop driving trading volume and token demand.

Technical Breakout Point Toward a Continued Upside Potential

The HYPE/USDT daily chart shows that the token has steadily increased since clearing the $26–28 zone, which previously acted as resistance and now appears to act as support.

Earlier in the year, price carved out a rounded double-bottom pattern during March, April, and May, forming a base that underpinned the subsequent rally.

As of the latest bar, HYPE is trading near $39–40, pushing above recent swing highs on above-average volume.

Beneath the price action, the RSI has climbed into the upper 60s, nearing overbought territory. A bullish divergence was evident in April when the price made a similar low while the RSI printed a higher low, foreshadowing the current uptrend.

More recently, there was a brief indication of bearish divergence at peak RSI readings, hinting at potential short-term consolidation rather than an abrupt reversal.

In other words, momentum remains generally positive, but it warns against chasing new highs without regard for a pullback or pause.

Given the current structure, a more sustainable path would see HYPE pausing or retesting the new support area, likely around the mid-$30s, before resuming its climb.

If that support holds, the logical upside target lies near the next supply zone around $45, where prior highs may induce selling pressure.

Should the price falter below the $26–28 support pivot, the bullish thesis would weaken, but as long as that level remains intact, the trend remains upward.

Additionally, analysts point to a Fibonacci extension analysis that projects the next major target at $46.35 based on the 141.40% extension from December’s high of $35.51 to April’s low of $9.32.

More ambitious projections reach $51, $77, and potentially $103 if the current momentum sustains. However, technical analysis also suggests key support levels that must hold for the bullish thesis to remain intact.

The $35 support is a key floor, and a break could potentially trigger a deeper correction toward $26.

As it stands now, HYPE is approaching overbought levels; traders should monitor for potential profit-taking that could create temporary pullbacks before the next leg higher toward the ambitious $50+ targets that have captured the cryptocurrency community’s imagination.

In summary, indicators and chart structure favor a continuation higher after a reasonable consolidation or retest, with $45 in sight as the next area of interest.

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