Hyperliquid (HYPE) Climbs to Record $84.80, Next Key Test Near $92

Hyperliquid's HYPE token set a new all-time high at $84.80 on Thursday, marking its second record in the past seven days. The token was last trading around $84.07, up nearly 4% on the day, with market capitalization approaching $19 billion. HYPE cleared the prior $77 cap last week and has since defended $77 as support. Weekly and daily chart levels point to the next notable resistance area around $92. The move comes as Hyperliquid switched on its AQAv2 reserve yield program on Aug. 26. Roughly 90% of the cost-adjusted yield generated on $6.74 billion of USDC deposits is now directed to HYPE buybacks. Under a 3% yield assumption, the program could add about $182 million per year, which would represent an 18% uplift versus current revenue of roughly $2.76 million per day. Initial distributions are slated for Oct. 3. On the policy front, President Donald Trump said on Aug. 20 that Hyperliquid could become available in the U.S. soon, and that the CFTC is working on a compliant pathway. Spot HYPE exchange-traded funds have also seen renewed inflows. Technically, HYPE has outperformed its top 10 peer set this month. The weekly candle that broke above $77 rose about 40%. The token then dipped to $76.75 earlier this week before turning higher. It had previously rebounded three times from an ascending trendline, with the third bounce in early August near the 0.618 Fibonacci level at $55.41. Weekly RSI has pushed back above 70. A similar reading in mid-May preceded a roughly 100% rally into the prior record; a comparable move would target the 1.618 Fibonacci extension at $111.93. Trading volume remains well below January levels. On the daily chart, the Supertrend indicator flipped bullish on Aug. 19 and remains constructive as long as HYPE holds above $68. Volume increased during the breakout window from Aug. 21 through Aug. 25. Volatility spiked to 100% for several days after registering 0% on Aug. 12, then eased to about 40%. The next upside objective cited by chart levels is the 1.272 Fibonacci extension at $92.37, about 10% above the current spot price. Investors are also watching supply events: Hyperliquid has a $1.2 billion token unlock scheduled for Aug. 29, with another unlock due one month later. A daily close below $68 would invalidate the current bullish structure.