Hyperliquid Unlocks 10 Million Tokens: Could It Push the HYPE Toward $50?

• Hyperliquid unlocks 10M tokens, strengthening liquidity pools and increasing trading on decentralized exchanges.
• The emerging classic cup and handle pattern indicates a strong potential for a bullish breakout in HYPE.
• With key support levels holding and $36 resistance closely monitored, the token price could surge toward $50.

The Hyperliquid platform is unlocking another 10 million tokens this month, which takes the total number of unlocked tokens since November to 20 million. The act is part of the strategy of distributing the token to ensure a certain level of liquidity in the market and also to allow the participation of the members in the ecosystem.

Source: Ali

The newly revealed tokens are also expected to boost the liquidity pools, making trading seamless for users on decentralized exchanges. The openness depicted by the tokenomics of Hyperliquid shows high-level sustainability, making it attractive to DeFi lovers. With the expansion of the platform, the adoption level for the token is high.

Also Read: Bitwise Submits Hyperliquid ETF Amendment, Pointing to Imminent Launch

HYPE Holds Key Support; Is a Rebound Ahead?

However, the crypto analyst, Tryrex, noted that interestingly, HYPE, unlike some other altcoins that are observing severe turbulence, is actually holding up well, demonstrating considerable strength within a highly volatile market. Market sentiment is strong, with investor confidence not wavering, despite considerable uncertainty, due to strong support levels. Clearly, the token is bucking a market trend.

Source: Tryrex

Analysts observe that Bitcoin could be nearing a key level on the bottom, which may stimulate the overall market to recover in the coming weeks. Hyperliquid’s price chart shows it to be capable of sustaining above $24 with a possible reversal to levels of $35. This stability demonstrates the strength of this token in the market and its attractiveness to investors.

HYPE Price Eyes $50 Target After Holding Key Support

Moreover, the crypto analyst, LaCryptoLycus,emphasized that the token is displaying the initial stages of the formation of the classic cup and handle pattern, which is overwhelmingly deemed by technical analysis experts to be highly bullish. The current level of the price is strongly placed at the support level, which seems highly critical for the next major breakout. If the level is maintained firmly, the coin might start the formation of the handle at the $50 level.

Source: LaCryptoLacus

The resistance point of $36 is under close observation, and any failure to overcome it could weaken the formed structure to a considerable extent. A failure at this point could easily trigger a stronger correction, which could pave the way for a deep correction in the coming days and weeks ahead. The coming days will be important to see if the token will move ahead or face selling pressure.

Also Read: Hyperlane (HYPER) Falling Wedge Signals Potential 300% Long-Term Upside