Hyperliquid Price Eyes $60 Breakout as Whale Buying Surges: Is a New ATH Next?

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Hyperliquid price is once again capturing market attention after a powerful rally pushed the token within touching distance of its all-time high. After surging nearly 25% in recent days, HYPE has re-entered price discovery discussions as whale accumulation intensifies and bullish sentiment around the protocol continues to strengthen.

Adding fuel to the momentum, a high-profile endorsement from Bitwise CIO Matt Hougan has reignited speculation that Hyperliquid may still be undervalued despite its explosive run. Combined with strong on-chain activity and an emerging breakout structure on the weekly chart, traders are now asking whether HYPE is preparing for a decisive move above $60.

So, what’s driving Hyperliquid’s price latest momentum, and could this rally still have room to run?

Bitwise Bullish Call Strengthens Hyperliquid Narrative

One of the biggest catalysts behind HYPE’s renewed momentum appears to be growing institutional confidence in the Hyperliquid ecosystem. Bitwise CIO Matt Hougan recently argued that the market may be mispricing Hyperliquid, viewing it solely as a perpetual exchange rather than a broader crypto financial ecosystem. According to Hougan, Hyperliquid increasingly resembles a “super app” capable of supporting multiple layers of decentralized trading infrastructure.

BITWISE SAYS HYPE IS UNDERVALUED

Bitwise CIO Matt Hougan says the market is wrongly valuing Hyperliquid as only a perp exchange, when it may be closer to a "super app."

He argues $HYPE is already the best-performing large-cap crypto asset of 2026, up 77% YTD. pic.twitter.com/5rTOQYzFnr

— Coin Bureau (@coinbureau) May 20, 2026

The bullish commentary quickly gained traction across crypto markets, especially as Hyperliquid continues to outperform many large-cap assets in 2026. The endorsement has reinforced a growing narrative that HYPE may still be trading below its long-term potential, despite already posting strong year-to-date gains. At the same time, social sentiment surrounding Hyperliquid has accelerated sharply, with traders increasingly discussing a potential breakout into new all-time highs.

Whale Buying Signals Strong Conviction

On-chain activity is also painting a bullish picture. Recent blockchain data shared by Lookonchain revealed that an a16z-linked whale wallet purchased another 206,325 HYPE worth nearly $10 million, later staking the tokens. Since mid-April, the same whale has reportedly accumulated over 2.34 million HYPE valued at roughly $102 million.

This #a16z-linked whale created another new wallet and bought 206,325 $HYPE ($9.95M) over the past 10 hours, then staked it.

Since April 14, this whale has bought a total of 2.34M $HYPE($102M).https://t.co/mFc4HXZhiLhttps://t.co/FfsbEom1Rs pic.twitter.com/PfgnX7GG80

— Lookonchain (@lookonchain) May 20, 2026

Large-scale accumulation of this magnitude often reflects growing confidence among sophisticated investors, especially when buying continues near local highs rather than during panic sell-offs. Meanwhile, data from Santiment shows Hyperliquid’s social dominance and engagement metrics climbing significantly in recent weeks, suggesting retail participation is also beginning to return as momentum builds.

Hyperliquid Price Prediction: Can HYPE Break Above $60?

Hyperliquid price appears to be approaching a major inflection point. On the weekly timeframe, HYPE has broken out from an ascending channel structure and is now pressing against a key resistance zone between $58 and $60, which marks its previous all-time high.

HYPE price token continues to hold above key moving averages, while price action remains supported by higher highs and higher lows, a classic bullish continuation structure. If bulls successfully reclaim the ATH zone with strong volume, the next upside targets could quickly expand toward the $65–$70 region, potentially triggering fresh momentum buying and price discovery.

However, failure to clear resistance may temporarily push HYPE back toward the $50–$52 support area, where buyers could attempt another accumulation phase before a fresh breakout attempt.

What’s Next for Hyperliquid?

Hyperliquid’s bullish case is strengthening as institutional optimism, whale accumulation, and technical breakout signals begin aligning at the same time. With HYPE now hovering just below its all-time high, the next few trading sessions could determine whether the token enters full price discovery above $60 or pauses for short-term consolidation. For now, momentum appears firmly tilted in favor of the bulls.