A popular crypto analyst is predicting a massive price surge for Hyperliquid (HYPE), a layer-1 protocol. They believe several key factors could send the price soaring.
Why the Analyst is Bullish on HYPE
Even after HYPE hit a new all-time high of $39.68, the analyst, known only as “Flood,” remains bullish. With over 250,000 followers on X, Flood argues that HYPE is still undervalued, considering its growth. Here’s their reasoning:
- Limited Access: Many potential investors are struggling to buy HYPE due to on-chain complexities and lack of listing on major exchanges.
- Undervalued Growth: The analyst believes the current price doesn’t reflect HYPE’s rapid growth in open interest (double-digit percentage increases week-over-week).
- Significant Buybacks: The platform has reportedly spent $770 million on buybacks.
- Profitable Sector: HYPE operates in the highly profitable cryptocurrency exchange sector.
- No Token Unlocks: There are no upcoming token unlocks from private investors, eliminating potential downward pressure.
- Developer Focus: HYPE is essentially the only platform for developers building products related to perpetual trading.
- Strong Fundamentals: Overall, the analyst believes the platform’s fundamentals are very strong.
Potential Gains and Price Targets
HYPE currently has a market cap of $12.4 billion. If Flood’s prediction is correct, the price could increase by 222%, reaching a price of $40 billion (fully diluted valuation). The analyst also notes a psychological price target of $100. At the time of writing, HYPE is trading at $37.07.
Disclaimer: This information is for general knowledge and shouldn’t be considered investment advice. Always do your own research before investing in cryptocurrencies./p>
