Analysis: HYPE Could See 55% Upside, a16z-Linked Address Accumulates Over $90 Million in Purchases in One Month

BlockBeats News, May 18th, the Hyperliquid platform's token HYPE is forming a typical "cup and handle pattern" bullish structure. Analysts believe that if it breaks through the key resistance level at $45-47, the price may rise to the $71-72 range, representing about a 55% upside potential from the current level and reaching a new all-time high.

On-chain data shows that wallet addresses believed to be associated with a16z have accumulated approximately 2.11 million HYPE tokens in the past month, totaling about $90.87 million. The most recent transaction involved an additional purchase of 372,000 HYPE tokens within 3 hours, worth around $16.91 million.

Market analysts believe that institutional funds' continued accumulation, coupled with the recent launch of a US HYPE spot ETF, Coinbase and Circle providing USDC infrastructure support for Hyperliquid, and the potential regulatory optimism from the US "CLARITY Act," are enhancing market expectations for Hyperliquid's long-term growth.