Is Hyperliquid (HYPE) on verge of breakout above $44 after strong buybacks?

Hyperliquid’s native token, HYPE, is hovering near a critical level after a volatile 24-hour stretch.

The token has climbed 2.9% to trade around $42.427, briefly touching a high of $43.584 before pulling back.

This price action places HYPE right below a key resistance zone, with traders watching closely to see whether the asset can push decisively above $44.

Buybacks and revenue strength support more gains

One of the main drivers behind HYPE’s recent stability is continued buying activity from the Hyperliquid Assistance Fund.

On April 26, the fund purchased approximately 13,000 HYPE worth US$500,000 (approx. $875,000.12).

This forms part of an ongoing buyback and burn program designed to reduce available supply and provide consistent demand.

Notably, the fund has been making structured purchases over time, effectively acting as a steady buyer in the market.

At the same time, Hyperliquid’s underlying business remains strong.

The platform recently reported annual revenue of US$844 million (approx. $1.5 billion), driven largely by its dominance in decentralised perpetual futures trading.

This level of revenue places it among the top-performing decentralised exchanges in its category and reinforces the token’s connection to real trading activity rather than speculation alone.

The total value locked on the platform currently stands above US$4.7 billion (approx. $8.3 billion), showing sustained user engagement even as price volatility increases.

HYPE price outlook: Breakout structure forms above $41

From a technical perspective, HYPE has broken above the $41–$42 resistance zone, a level that had previously capped upward movement.

This breakout shifted the short-term structure in favour of buyers.

The next test lies just above current levels, with analysts’ projections highlighting $43.59 as the immediate resistance that needs to be cleared for the bullish trend to hold.

If that level is breached, the next target sits between $44 and $45.67.

Momentum indicators support this setup, with 12 out of 23 technical indicators lining bullish while only one is bearish.

Moving averages are particularly strong, with HYPE trading above all major daily exponential moving averages, including the 10-day, 20-day, 50-day, 100-day, and 200-day EMAs.

This alignment typically signals a well-established uptrend.

The Relative Strength Index (RSI) stands at 57.08, which is neutral, suggesting that the asset is not overbought and still has room to move higher without triggering immediate selling pressure.

However, the structure depends heavily on whether the altcoin will hold above the support at $41.

If HYPE drops below $41, the bullish breakout would be invalidated, opening the door for a pullback toward the $39–$38.92 support zone.