Hyperliquid's HYPE token is drawing renewed attention after ranking first in Grayscale's latest tokenholder return rankings, according to a Hyperliquid Daily post on X. HYPE recorded an 8.0% return, while its adjusted profit return reached 9.8%, placing it third in that category. Separately, crypto analyst Ian Cooper identified a trading range between $76 and $98, describing the lower boundary as a potential buying opportunity. These developments have put Hyperliquid's fee-driven buyback mechanism and the HYPE price's ability to recover toward resistance in focus.

HYPE Leads Grayscale's Tokenholder Return Rankings

According to Hyperliquid Daily, HYPE secured the top position in Grayscale's latest tokenholder return rankings, recording an 8.0% return. LIT followed closely at 7.9%, while CAKE registered 2.6%. The rankings were published via Hyperliquid Daily's X account. Grayscale is a leading digital asset management company whose research is frequently cited across the crypto industry, which helps explain why the placement is drawing attention beyond Hyperliquid's own community.

However, the adjusted profit return rankings presented a different picture. HYPE placed third at 9.8%, behind CAKE at 14.4% and LIT at 14.1%. The difference highlights how rankings can change depending on the performance metric being measured.

Hyperliquid's fee-driven buyback mechanism is another factor attracting attention. The mechanism connects platform fee generation with token repurchases, potentially supporting demand for HYPE as trading activity generates revenue. However, the rankings do not guarantee future returns, which depend on platform activity, token economics, and broader market conditions.

Fee-Driven Buybacks Put HYPE Tokenomics in Focus

HYPE's ranking has renewed attention on the relationship between Hyperliquid's trading activity and its token economics. Hyperliquid is a decentralized exchange specializing in perpetual futures trading, a segment where platform revenue is closely tied to trading volume. The buyback mechanism provides another factor for investors evaluating how platform activity may translate into token demand. Buyback models of this kind are used by a number of crypto trading platforms to link exchange revenue with token demand.

If trading activity and fee generation remain strong, buybacks could support demand for HYPE. However, their market impact also depends on repurchase volumes, liquidity, token supply dynamics, and selling pressure.

The adjusted profit figures may shed light on this dynamic. Despite HYPE ranking first in tokenholder returns, CAKE and LIT managed higher modified profits. It is also worth noting that the numbers differ depending on the indicator being considered. The figures likewise do not guarantee an assured yield for HYPE holders in the future.

HYPE Price Tests $76 as $87 Target Emerges

Crypto analyst Ian Cooper identified a trading range of $76–$98, in which the HYPE price's proximity to the lower end was seen as an attractive setup for a long trade entry, according to his post on X. Cooper views $76 as the main support level, while $75.80 is the level at which the setup would weaken.

Cooper noted that $87 is the first possible objective for the market, as it represented the area high on his chart. If a rebound carries the market to $87, the upper boundary at $98 would come into play.

The technical analyst added that trading outside of the range would set the stage for a potential new all-time high. This is not a guaranteed forecast, though, and one that can only materialize if conditions are right. Trading below $75.80 would invalidate his trading idea, while strong buying would help validate his forecast. Ranges with explicit support and invalidation levels are a common structure in technical analysis, one that lets market participants update their read as price interacts with each boundary.

It should be noted that the analysis does not include the actual HYPE price or RSI and MACD values, preventing additional verification of its technical aspects.

What Comes Next for HYPE?

The short-term outlook for the HYPE price is based on the coin's ability to sustain above $76 and move closer to $87. A sustained rise would put the $98 resistance under pressure, whereas a fall below $75.80 would undermine Cooper's bullish outlook. For now, attention remains whether HYPE can sustain its position near the lower boundary of the range that Cooper identified.

Beyond technical metrics, market participants may watch how well Hyperliquid performs in generating fees and conducting buybacks, which would help determine whether platform usage can sustain its tokenomics.

HYPE's first-place return on a tokenholder basis showcases its performance, while its third-place adjusted profit return demonstrates the diversity of results across metrics. Three factors stand out: the support level at $76, the resistance level at $87, and the sustainability of fee-funded buybacks.

This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.