$HYPE at $42, will you get in?

24-hour trading volume skyrocketed to 345 million, platform annual revenue of 620 million USD, 97% fee directly used for buyback and burn—yet the price dropped 28% from the $59 high, hovering at $42 for half a month. Some say it’s “the next BNB,” others shout “on-chain perpetual leader bubble is too big.”

First look at the surface: cash flow machine, real money is making money.

In the past 30 days, Hyperliquid’s cumulative trading volume reached 175 billion USD, open interest soared to 8.6 billion, TVL 5.1 billion, on-chain perpetual market share over 70%.

Candlestick charts tell you: the large upward channel is intact, the $38-40 strong support has been validated more than 6 times. MACD is about to cross bullish, volume clearly increased during the rebound.

First thing: ETF and Coinbase have simultaneously opened the institutional faucet.

Bitwise and 21Shares’ HYPE spot ETFs are live, funds are flowing in. Coinbase uses USDC as Hyperliquid’s main quote asset, reserve yields are directly channeled into the HYPE buyback mechanism.

Second thing: revenue equals deflation, no unlocking sell pressure risk.

97% of trading fees are used for on-market buyback and burn of $HYPE. Daily revenue of $1.2 million equals daily buy volume of $1.2 million. And there’s no large unlocks for at least 12 months.

Tell me, which track has such a model? BNB relies on centralized exchange profits, HYPE relies on real trading volume from on-chain perpetual DEX, with lower fees and better experience.

Third thing: a technical signal that must be watched carefully.

Price dropped from ATH $59 to $42, a 28% correction, but volume has not continued to increase. RSI is in neutral zone, MACD has not yet crossed bullish.

More critically: the market is unstable. BTC hovers around 80k, fear index once dropped to 25. If BTC retests 77k, HYPE will likely test $38 as well.

One side:

- Annual revenue of $620 million, daily income $1.2 million

- 97% revenue used for buyback and burn, deflationary model

- ETF + Coinbase institutional channels opened

- On-chain perpetual market share over 70%, with a deep moat

One side:

- Dropped from 59 to 42, many trapped in 28% correction

- Market sentiment fragile, BTC may retest lows

- Competitors (dYdX, Vertex) catching up

- Price sideways for half a month, direction unclear

Key level at 42.8, just a step away from strong support at 38-40.

Resistance above: 45 → 48-50 → 59 (ATH)

Support below: 40 → 38 (6 times validated iron bottom) → 35

Short-term traders:

Wait for retest near 40-41 to buy in, stop-loss at 38.5, first target 45-48, take half profit. Break above 45 with volume, go long, stop-loss at 43, target 50-55.

Swing traders:

Wait for daily close above 45 before entering on the right side, use dynamic take profit, target 55-60. If it drops to 38-40, buy in batches with eyes closed—golden opportunity.

Long-term believers:

Start dollar-cost averaging at 38-40, buy more as it dips. HYPE’s fundamentals are top-tier in DeFi—revenue, deflation, moat, institutional channels. End of 2026 target 80-120, betting on on-chain derivatives taking over 30% of CEX market share.

HYPE now is like SOL at the end of 2023—

Everyone’s arguing “valuation is too high,” but only after it rises from 20 to 200 do they realize: it’s not expensive, you just don’t understand the real income. #Gate广场五月交易分享 #CLARITY法案参议院通关 $HYPE $BTC $ETH