Hyperliquid Price Prediction – HYPE Holds $38 as Bulls Target $43.80 on Strong Volume

Highlights:

• HYPE gains with strong volumes signalling rising bullish momentum
• Bitcoin-led rally lifts HYPE, but geopolitics could determine next move 
• Institutional interest position HYPE for even more growth 

Hyperliquid (HYPE) is following the overall market trend intraday. In the last 24 hours, HYPE has gained by 3.71% to trade at $38.47. At the same time, Hyperliquid trading volumes are on the rise. They are currently up 53.6% to $450.9 million.

The positive correlation between HYPE’s intraday volume and its price action suggests strong underlying bullish momentum. It goes to show that buyers are coming in strongly, expecting the price to do even better in the foreseeable future. There are a couple of factors driving this upside momentum, and that could trigger even bigger gains going forward.

Bitcoin Price Action Pushing Hyperliquid Price Higher Intraday

One of them is Bitcoin’s price action. Bitcoin made a vertical price move early in the day on 23 March. This was triggered by news that Trump had held off on attacking Iran’s energy infrastructure, after supposed talks with the Iranians.

Since HYPE trades in Bitcoin’s overall direction, it shot up as well, albeit at an accelerated pace. If Bitcoin continues its current rally, HYPE could be headed to even higher prices in the short- to medium-term. However, unlike the average altcoin, HYPE has a lot more going for it that could trigger a rally to new highs, irrespective of market direction.

I AM PLEASED TO REPORT THAT THE UNITED STATES OF AMERICA, AND THE COUNTRY OF IRAN, HAVE HAD, OVER THE LAST TWO DAYS, VERY GOOD AND PRODUCTIVE CONVERSATIONS REGARDING A COMPLETE AND TOTAL RESOLUTION OF OUR HOSTILITIES IN THE MIDDLE EAST. BASED ON THE TENOR AND TONE OF THESE IN…

— Commentary: Trump Truth Social Posts On X (@TrumpTruthOnX) March 23, 2026

Hyperliquid’s Expanding Market Scope Could Push HYPE Higher

A key factor likely to drive more upside for HYPE is that the Hyperliquid exchange has expanded beyond cryptocurrency. Data shows Hyperliquid now trades more oil and gold than it does cryptocurrencies. With stocks also becoming a mainstay on the platform, cryptocurrency trading volumes could become less important to the platform’s growth. This means Hyperliquid could continue to record growth in user numbers even in periods when cryptocurrency volumes dry out.

JUST IN: Hyperliquid now trades more oil, gold, and silver than crypto.

— Tokens on Solana (@tokens) March 19, 2026

For context, following the prolonged weakness in the cryptocurrency market since 2025, most altcoin volumes are at record lows. For ordinary cryptocurrency exchanges, this means reduced income, but not for Hyperliquid. Since the value of HYPE is directly linked to the growth of the Hyperliquid exchange, the price could reflect this through stronger gains in the medium term. This dynamic could also draw in institutional capital looking to invest in altcoins but wanting to minimize risk by backing those with real use cases. 

Grayscale’s Move Hints at Growing Institutional Demand For HYPE

The growing demand for HYPE from institutional investors is evident in the Grayscale HYPE spot ETF being given priority over other altcoins. This move shows where the demand is and is looking to meet it as fast as possible. This is a big deal for HYPE in two ways. First, it could trigger retail HYPE in anticipation of the ETF.

Today we filed the initial S-1 for Grayscale HYPE ETF (ticker: $GHYP) with the @SECGov.

Read the S-1: https://t.co/3PvJKcIpVX pic.twitter.com/bpltZsAzdr

— Grayscale (@Grayscale) March 20, 2026

Secondly, once approved, the strong inflow of institutional capital could send HYPE rocketing to new highs. That’s because, on top of having a real use case, HYPE is also deflationary. As such, the rising demand is increasingly outstripping a shrinking supply. Such a scenario, in an all-out bull market, could send HYPE to new highs. It is not surprising that some analysts believe HYPE could rally to $150 or more within the year. 

Technical Analysis – Hyperliquid Price Rebounds After Multi-Day Correction

HYPE is in a rebound from the correction that started on 18 March, when it hit a high of $43.80. However, the market structure remains overall bearish. If bulls are strong enough to push HYPE through the 23 March high of $39.40, a rally to the 18 March high of $43.80 could follow.

On the other hand, if bears regain control, and a breach of $39.40 fails, it could see HYPE drop to the $35.39 support in the short term. The scenario that will play out will largely depend on what is happening in the geopolitical space. A cessation of hostilities in Iran could send HYPe to $43.80 or higher in the short term.