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▲ Hyperliquid (HYPE)/AI-generated image ©
Hyperliquid (HYPE) is soaring over 8% and eyeing the $100 mark, driven by the launch of its own lending feature, a substantial ecosystem expansion. The ability to borrow stablecoins using HYPE as collateral has expanded the token's utility, and this, coupled with a surge in Bitcoin (BTC) and a short squeeze (buying pressure to close or cover short positions), has amplified its gains.
According to cryptocurrency market data aggregator CoinMarketCap, as of September 19 (local time), Hyperliquid was trading at $92.73, up 8.32% over 24 hours. It recorded a relatively high increase even in a bullish cryptocurrency market. While risk appetite spread across the market, with Bitcoin rising 6.14% during the same period, Hyperliquid's own positive news further strengthened its upward momentum.
The biggest catalyst for the surge is the self-manual borrowing feature launched on September 18. Users can now supply HYPE or Bitcoin as collateral to borrow USD Coin (USDC) and Tether (USDT). On the first day of its launch, the volume of borrowed assets reached $269 million. This has expanded HYPE's utility beyond its existing governance and fee-related functions, positioning it as a collateral asset within the decentralized finance (DeFi) ecosystem. The sustained growth of borrowed asset volume in the future is considered a key indicator to confirm actual user demand.
The overall market uptrend and derivatives liquidations also pushed the price higher. Bitcoin's rise of over 6%, fueled by spot ETF inflows and large-scale short position liquidations, led to buying pressure spreading across altcoins. Furthermore, a whale investor who had built a large short position against HYPE incurred significant losses, necessitating the covering of their position. This process generated additional buying pressure, amplifying the upward trend.
Technically, the key is whether the $88-$90 range, which was previously an all-time high area, will act as a new support level. If HYPE maintains its price above $90, the next target discussed is testing the psychological resistance level of $100. As the direct positive news of the lending feature has already begun to be reflected in the market, future price movements are expected to be influenced by whether the $90 support holds and an increase in actual lending service usage.
Conversely, if the daily closing price forms below $88, profit-taking following the sharp rise could intensify, potentially weakening the upward trend. In this scenario, $76.60 is suggested as the next major support level. In the short term, the key is whether it can hold $90 and test $100, with the volume of new lending feature usage and the overall market's risk appetite being variables that will determine the continuation of the uptrend.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
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