Hyperliquid (HYPE), the native token of the decentralized perpetual futures exchange built on its own app-chain Layer 1, is holding above a critical support zone that may determine its next major directional move. Market analysts see potential for bullish continuation if buyers remain active, while the platform's substantial token burn continues to reinforce a scarcity narrative. Sustained demand, ecosystem expansion, liquidity depth, and broader market conditions all remain essential factors for further upside.

At the time of writing, HYPE trades at $54.50, with a 24-hour trading volume of $312.72 million and a market capitalization of $13.76 billion, according to CoinMarketCap. The token posted a 3.01% decline over the past 24 hours, though its price structure and network growth indicators suggest a potential bullish reversal ahead.

HYPE Price Targets $100 as Key $51 Support Holds

Crypto analyst Chiefrat notes that HYPE is approaching a critical technical support zone, with its current correction potentially forming Wave 4 of an Elliott Wave structure. The $51–$53 weekly support region could determine the token's next major direction. If buyers successfully defend this area and momentum improves, HYPE may establish a higher low and set the stage for another bullish expansion phase.

Source: Chiefrat on X

A successful defense of the $51–$53 range could open the door for a Wave 5 move, with chart patterns suggesting the next major target lies between $90 and $100. Such a move would represent significant appreciation from the current support region. Conversely, a weekly close below $51 would invalidate the bullish case entirely.

Token Burn Removes 47.53M HYPE From Circulation

Data from MSB Intel reveals that Hyperliquid has burned 47.53 million HYPE tokens, valued at approximately $2.68 billion based on current price levels. This reduction is equivalent to 4.75% of HYPE's total maximum supply, meaningfully decreasing the potential circulating supply.

INSIGHT: Hyperliquid burned 47.53M HYPE ($2.68B cumulative), 4.75% of max supply. pic.twitter.com/kWEc13917D — MSB Intel (@MSBIntel) August 7, 2026

Source: MSB Intel on X

This broad burn mechanism could become an important lever for HYPE's tokenomics over time. Permanently removing tokens from circulation has the potential to reduce supply pressure in the future, particularly if ecosystem activity and investor interest continue to grow. The scale of this burn — nearly 5% of maximum supply — places Hyperliquid among the more aggressive deflationary programs in the decentralized exchange sector, where competitors such as dYdX and GMX have adopted varied approaches to token economics. However, token burns alone cannot guarantee price appreciation.

Market Outlook

Despite bullish technical predictions and ongoing token burns, HYPE's price has been trending downward in the short term. The broader cryptocurrency market trend has been improving, and HYPE could experience a breakout if conditions remain favorable.

The token's future direction depends heavily on whether buyers can defend the $51–$53 support level. A strong bounce from this zone would confirm the bullish Elliott Wave pattern and potentially open a path toward the $90–$100 region. A weekly close below $51, however, would invalidate the pattern and suggest further downside.