Karla Barker 
HYPE is trading near $84 after a 4.5% gain in 24 hours. The token sits just below the $85 to $85.5 resistance area. That zone could decide whether the rally can reach $100.
More details on a possible US entry
The jump follows reporting on talks between Hyperliquid Labs and Payward, Kraken’s parent company. Reports say they are discussing offering Hyperliquid-linked perpetual futures to US traders through Bitnomial, Payward’s CFTC-regulated derivatives exchange. Payward has shown the structure to the CFTC, but no approval has been granted.
This matters because Hyperliquid’s main perps platform is unavailable to US users. Bitnomial would give exposure through regulated infrastructure without opening the decentralized front end directly to the US market.
Regulatory clearance is still the main condition. One former SEC counsel cited in the reporting estimated the process could take another 10 to 12 months. It remains a potential catalyst, not an approved expansion.
Buybacks are adding support
Token buybacks are another source of demand. A Financial Times report said crypto projects spent nearly $638 million on repurchases in 2026, with Hyperliquid and Pump.fun accounting for almost 90%. Hyperliquid uses about 99% of protocol trading fees to buy HYPE and has burned roughly $1.3 billion worth since launch.
Protocol activity still funds those purchases. Hyperliquid Strategies said Hyperliquid held about 63% of decentralized perpetual futures open interest as of Aug. 23, with total open interest near $13 billion. HIP-3 markets made up around 48% of trailing 30-day volume and had generated over $514 billion in cumulative volume.
The technical setup around $84
Coinglass data from Sept. 1 showed about 85.8% of HYPE liquidations in the prior 24 hours were shorts.
HYPE rose from a close near $52 in early August and accelerated after clearing $60 around Aug. 19. It hit roughly $85 late in August, but attempts above that area have not held. Daily Supertrend is bullish at about $70.02, and Chaikin Money Flow is near 0.21.
A daily close above $85.5, with volume and positive CMF, would clear the main resistance. Then $90 and $95 become visible before the $100 target. A move to $100 from $85.5 would still need another gain of about 17%.
On the 4-hour chart, price is near $84.15 and VWAP is around $84.17. Holding above $84 keeps another test of $85 to $85.5 in play. Losing VWAP could pull HYPE toward $82 to $83, then $79 to $80. Stochastic RSI is near 98, so momentum is stretched. A bearish crossover below $85.5 could increase pullback risk.
The daily Supertrend near $70 sits well below those supports. A dip to $80 would not break the bullish structure, but a close below $70 would invalidate it.