<p>While the leading cryptocurrencies are struggling in this bear market, <strong>Hyperliquid </strong>(CRYPTO: HYPE) is coasting along unbothered.</p>



<h2>The ‘HYPE’ Grows</h2>



<p>HYPE rallied over 18% over the last 24 hours, and is up 44% in a week, making it the best-performing cryptocurrency this week among tokens valued at $1 billion or more.</p>



<p>In contrast, blue-chip coins such as <strong>Bitcoin </strong>(CRYPTO: BTC), <strong>Ethereum </strong>(CRYPTO: ETH) have struggled, offering barely any meaningful returns to investors.</p>



<figure class="wp-block-table"><table><thead><tr><th><strong>Cryptocurrency</strong></th><th><strong>7-Day Gains +/-</strong></th><th><strong>1-Month Gains +/-</strong></th><th>YTD Gains +/-</th></tr></thead><tbody><tr><td><strong>HYPE</strong></td><td>+44.66%</td><td>+38.88%</td><td>+122%</td></tr><tr><td><strong>Bitcoin </strong></td><td>-2.72%</td><td>+2.46%<br/></td><td>-11.25%</td></tr><tr><td><strong>Ethereum</strong><br/><strong>               </strong></td><td>-6.18%</td><td>-7.76%</td><td>-28.14%</td></tr></tbody></table></figure>



<h2>Will HYPE Make New Highs?</h2>



<p>Widely followed cryptocurrency analyst <strong>Ali Martinez</strong> identified $59 as HYPE’s “next key target, which is also its all-time high.</p>



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div>
<blockquote><p lang="en" dir="ltr">Hyperliquid $HYPE continues trending higher.<br/><br/>I'm watching the top of the channel near $59 as the next key target. pic.twitter.com/LuabqwRZmF</p>— Ali Charts (@alicharts) May 20, 2026</blockquote>
</div></figure>



<p>The Moving Average Convergence Divergence indicator, which compares two exponential moving averages of an asset's price,  typically the 12-period and the 26-period, flashed a &#34;Buy&#34; signal for HYPE, according to TradingView. </p>



<p>Conversely, the Commodity Channel Index, which measures the difference between the current price and the historical average price of an asset, signaled “Sell.”</p>



<div>


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<h2>What Are The Catalysts?</h2>



<p>HYPE token holders gain utility through governance rights and discounts on trading fees on the Hyperliquid, a decentralized perpetual futures platform. The token also plays a crucial role in securing the network through staking.</p>



<p>Hyperliquid, powered by its own Layer-1 blockchain, has seen a surge in oil-linked perpetuals activity as traders rushed to profit from the wild swings triggered by the ongoing war in the Middle East.</p>



<p>HYPE has also witnessed institutional demand, with the launch of <strong>21shares Hyperliquid ETF</strong> (NASDAQ:THYP) and <strong>Bitwise Asset Management Hyperliquid ETF</strong> (NYSE:BHYP), which have together attracted over $47 million in net inflows, according to SoSo Value.</p>



<p><strong>Price Action</strong>: At the time of writing, HYPE was exchanging hands at $57.24, up 18.50% in the last 24 hours, according to data from Benzinga Pro.</p>



<div>


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</div>


<p><em>Photo Courtesy: CryptoFX on Shutterstock.com</em></p>

ETHE

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<p>While Bitcoin and Ethereum struggle in a bear market, Hyperliquid (HYPE) has surged 44% this week, reaching $57.24. Analysts predict a potential target of $59, its all-time high. HYPE offers governance rights and trading fee discounts on its decentralized platform, benefiting from increased institutional demand and oil-linked trading activity amid geopolitical tensions.</p>

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