HYPE could rally by 80% if this key support holds

According to data from crypto.news, Hyperliquid hype-6.35%Hyperliquid was trading at $37.96, 270% above its year-to-date lows, with a market capitalization of $12.6 billion.

The token reached an all-time high of $45.57 earlier this week, buoyed by significant traction across the Hyperliquid Layer-1 ecosystem.

While the broader crypto market has recently turned risk-off due to escalating geopolitical tensions and the Federal Reserve’s decision to keep interest rates unchanged, HYPE has seen a 16.7% pullback from its peak. However, the mid-term trend remains constructive.