Arthur Hayes Targets $100 As Hyperliquid Price Explodes Past $32

Hyperliquid’s native token HYPE surged over 16% in 24 hours on May 22, hitting $32.50 as momentum turned sharply bullish. The breakout followed a post from Arthur Hayes, who called for a $100 price target while key on-chain metrics hit record levels.

The rally pushed HYPE to its highest price since Jan., breaking out of a multi-week ascending channel and putting $35.37 — a key horizontal resistance — back in focus. Market data showed buyers accelerating into the move despite technical signals warning of overextension.

Arthur Hayes Drops a $100 Bomb

Arthur Hayes returned to crypto markets with a now-viral post backing HYPE’s upside. Quoting a tweet by Lookonchain on a $1.1 billion Bitcoin long opened by @JamesWynnReal, Hayes said, “This is the best advertising for $HYPE,” and indicated $100 as the next target.

The statement, devoid of technical context, sent traders scrambling for exposure. HYPE quickly rallied, extending its uptrend that began in early April. Though Hayes didn’t cite Hyperliquid directly, traders interpreted the comment as a clear nod to the ecosystem’s token.

Hayes’ influence was enough to spark fresh inflows, with many noting similarities to previous memetic price campaigns he supported. The former BitMEX CEO has built a reputation for turning sentiment into action — often with sharp results.

Hyperliquid’s Fundamentals Catch Up With the Hype

Away from social media, Hyperliquid’s derivatives platform posted some of its strongest metrics to date.

Open interest on May 22 surged to $8.9 billion, the highest on record. Daily trading fees crossed $5.4 million. Total value locked in USD Coin (USDC) reached $3.2 billion, up sharply from the previous week.

The jump in trading fees is drawing attention across DeFi circles. Protocols with fee-to-value mechanisms often direct revenue toward buybacks, which could reduce HYPE’s circulating supply. Hyperliquid hasn’t confirmed any such mechanism. But the discussion is gaining traction as traders seek long-term value anchors.

The spike in volume and OI supports the bullish thesis. The protocol is processing more leverage, more trades, and more liquidity than ever before.

HYPE Technical Breakout Clears the Way to $35

The breakout came as HYPE exited a rising channel that had capped gains for most of May. Daily RSI printed 78.50, entering overbought territory, while MACD showed widening bullish divergence.

Price topped out near $31.56, with bulls now eyeing $35.37 — the January peak — as the next resistance. The zone previously marked a blow-off top, and its reclaim would confirm broader continuation. A failure to break may lead to a pullback toward the $27.50 zone.

Momentum remains on the bulls’ side. But with RSI stretched and short-term longs crowded, the chart now demands follow-through.

Whales, Leverage, and the Broader Risk Appetite

Lookonchain’s report on James Wynn’s $1.1 billion leveraged Bitcoin long gave context to current market appetite. Wynn’s position, entered at $108,084 with a $103,640 liquidation point, reflects risk-on behavior not seen since late 2021.

The market has embraced leverage across both majors and altcoins, with Hyperliquid one of the main venues facilitating that volume. Analysts point to the rise in derivatives demand as a structural tailwind for native tokens like HYPE.

Whether the token actually reaches Hayes’ $100 target remains to be seen. What’s clear is that traders are no longer ignoring it — and platform data now backs the price.