Hyperliquid (HYPE) has emerged as the most bullish cryptocurrency by analyst sentiment, even as the broader market faces renewed selling pressure.
Data shared by CryptoQuant on October 18 ranks HYPE first among eight major crypto assets, with a bullish sentiment score of +2.3 standard deviations.
BNB followed at +1.5, Solana (SOL) at +1.3, and Bitcoin (BTC) and Cardano (ADA) at +1.2 each. XRP scored +1.1, Ethereum (ETH) +0.6, and Uniswap (UNI) +0.5.
The bullish outlook centers on Hyperliquid’s fee-driven buybacks, rally, and growing trading activity, with price targets ranging from $100 to $120.
HYPE bullish case
The HYPE crypto rally has been supported by protocol revenue, buybacks, and investor demand. Unlike tokens driven primarily by speculation, HYPE benefits from trading fees generated by Hyperliquid, a decentralized exchange focused on perpetual futures and other on-chain markets.
Hyperliquid directs substantial trading-fee revenue to its Assistance Fund, which purchases HYPE on the open market. By October 2026, the program had accumulated approximately $1.26 billion in buybacks, according to an October 14 report.
In October, earnings from USDC reserves also began contributing to the buyback program, with an initial payment of approximately $14.58 million. These purchases provide recurring demand, helping support HYPE as the broader market weakens.
However, the rally has been volatile, with HYPE climbing from an early-August low of about $50 to a September peak near $97, a gain of roughly 94%. It subsequently retreated as selling pressure increased, highlighting the risks despite its strong fundamentals.
HYPE price analysis
Bullish forecasts identify $100 to $120 as potential price targets. Reaching $100 would require a gain of approximately 29% from the press-time price of $77.51, while $120 would represent an increase of roughly 55%.
Technical indicators, however, paint a more cautious picture. HYPE trades below its 50-day simple moving average (SMA) of $85.96 but remains above its 200-day SMA of $63.65. Its 14-day relative strength index (RSI) stands at 36.94, indicating weakened momentum without confirming oversold conditions.
A recovery above $85.96 could strengthen the technical outlook, while a decline toward $63.65 would expose HYPE to further downside risk.
Despite its strong analyst sentiment, HYPE remains vulnerable to market volatility, profit-taking, and shifts in leveraged trading activity.
Lower trading volumes could also reduce the fees available to fund buybacks, weakening one of the token’s main demand drivers.
Featured image via Shutterstock
