Hyperliquid Price Breakout Targets $85 as HYPE Hits New High

Hyperliquid (HYPE) has extended its powerful August rally, briefly climbing to around $82.50 before settling near $80. The latest surge confirms a breakout above the token’s previous June-July highs of roughly $75-$77, establishing a fresh local peak and strengthening its bullish technical outlook.

HYPE’s price structure remains notably strong following the breakout. The cryptocurrency is trading well above all major moving averages, with dynamic support currently positioned near $63.21, $61.10 and $58.56. Its longer-term moving average sits even lower at approximately $52.42.

This wide gap between Hyperliquid’s current price and its key moving averages highlights the strength of the rally. However, it also suggests that HYPE has become increasingly extended after its rapid advance, raising the possibility of a short-term correction or consolidation.

One of the clearest warning signals comes from the Relative Strength Index (RSI). HYPE’s daily RSI has climbed to approximately 80.55, placing the token firmly in overbought territory. While an elevated RSI does not necessarily mean the rally will immediately reverse, it indicates that buying momentum has reached extreme levels.

Trading volume has also increased sharply during the breakout. Higher volume provides additional confirmation that the move above $75-$77 has significant market participation, although traders taking profits after the steep rally could create near-term volatility.

For HYPE bulls, maintaining the $75-$77 range is now critical. The former resistance zone could become the first major support level following the breakout. If buyers successfully defend this area, Hyperliquid could retest $82.50 before targeting the $85-$87.50 range.

Conversely, a sustained drop below $75 could increase the probability of a deeper pullback toward $70. Despite the overbought conditions, HYPE’s broader technical structure remains bullish as long as the token stays comfortably above the key $60-$63 support region.