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Hyperliquid (HYPE) holders have lost 15% in a month as the token fell harder than Bitcoin, Ethereum, and Solana. Yet analysts are more bullish on it than on any other major cryptocurrency
HYPE traded at $76.55 on Sunday, about 22% below its September 23 record of $97.96. The token is worth roughly $17 billion.
Why is HYPE Falling Harder than the Market?
Over the same 30 days, Bitcoin (BTC) was flat, while Ethereum (ETH) and Solana (SOL) each lost about 9%.
One cause is specific to HYPE. On October 6, Hyperliquid’s team received 3.75 million HYPE, then worth about $340 million, in a scheduled payout, according to unlock tracker Tokenomist.
A co-founder said the batch would be sold off-exchange to one institutional buyer. Neither the buyer nor the price was disclosed.
That payout was worth nearly five times the $71 million Hyperliquid generated for buybacks over the past 30 days, DefiLlama data shows.
The platform, a venue for trading crypto futures, routes about 99% of trading fees into daily HYPE purchases
Traders betting on higher prices with borrowed money lost $688.56 million to forced closures in one day this month, BeInCrypto reported in its Hyperliquid whale coverage.
How Bullish are Analysts on HYPE?
CryptoQuant scores how strongly analysts lean bullish against each coin’s own recent history. HYPE topped its ranking at 2.3 standard de followed
“The most bullish crypto asset by analyst sentiment is $HYPE,” noted Ki Young Ju, founder and CEO of CryptoQuant.
The leading call on the firm’s chart targets $100 to $120.
History offers a contrast. HYPE’s last big pullback, from about $75 in early June to near $52 in August, came as analyst sentiment turned bearish on CryptoQuant’s chart. This time, sentiment has stayed bullish through the drop.
For holders, two figures now test the bull case. One is whether daily buybacks can absorb selling. The other is $75.14, a support level flagged in BeInCrypto’s weekend analysis.
HYPE trades less than $1.50 above it, per the Hyperliquid price page.
Read the Original story Analysts Pick One Altcoin Above Bitcoin and Solana, But It’s Falling Anyway by Lockridge Okoth at beincrypto.com
Source: finance.yahoo.com