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HYPE Token Plummets: Analysts Remain Bullish on Altcoin
19 Oct
Summary
- Hyperliquid token has lost 15% in value over the past month.
- A large token payout was scheduled for the Hyperliquid team on October 6.
- Analysts rank Hyperliquid's token sentiment as the most bullish.
Hyperliquid's native token, HYPE, has experienced a notable 15% decrease in value over the past month, a steeper decline than Bitcoin, Ethereum, and Solana. This performance is partly attributed to a scheduled token payout of 3.75 million HYPE, worth around $340 million, received by the Hyperliquid team on October 6. This payout significantly exceeded the platform's recent buyback activity.
Despite the recent price drop, analysts express exceptional optimism for HYPE. According to CryptoQuant's analysis, HYPE leads in bullish sentiment, scoring 2.3 standard deviations above normal. This positive outlook persists even as the token hovers just above a key support level identified at $75.14. Analysts' price targets suggest potential for HYPE to reach between $100 and $120.
