Hyperliquid’s native token HYPE is trading at $48.20, 3% below its all-time high of $49.70 set on February 10, 2026. The token has gained 28% over the past month, compared with a 5% rise for the broader crypto market, as increased trading activity boosts protocol revenue and HYPE-focused ETFs in the United States and Europe attract institutional demand. CoinShares data showed cumulative net inflows into the funds exceeded $200 million as of February 18, 2026. Hyperliquid’s revenue growth has been supported by higher trading volumes, particularly in perpetual futures (contracts without an expiry date). Analysts identify support at $45 and say a break above current resistance could open a move toward $55, although an RSI (momentum indicator) near 70 suggests the token may be overbought in the short term. The rally gives HYPE stronger fundamentals and new institutional access points, but its dependence on trading activity leaves it exposed to weaker market sentiment, regulatory changes affecting DeFi (decentralized finance), intensified competition and profit-taking.