Hyperliquid Tops Analyst Rankings Even as Token Slips 15% in a Month

Hyperliquid (HYPE) holders lost 15% in a month as the token dropped further than Bitcoin, Ethereum, and Solana. Yet it tops CryptoQuant's ranking for analyst sentiment among major digital assets.

On Sunday, HYPE was at $76.55, roughly 22% beneath its September 23 record of $97.96. The token has a market cap of roughly $17 billion.

Why is HYPE Falling Harder than the Market?

Over the same stretch, Bitcoin remained roughly flat, while Ethereum and Solana each shed about 9%.

A factor unique to HYPE is the scheduled payout. According to unlock tracker Tokenomist, the Hyperliquid team received 3.75 million HYPE on October 6, worth around $340 million at the time.

A co-founder said the tokens would be sold off-exchange to a single institutional buyer. Neither the buyer's name nor the sale price was disclosed.

DefiLlama data puts the payout's value at nearly five times the $71 million the platform generated for buybacks in the prior 30 days.

CoinShares states that roughly 99% of trading fees are directed into daily HYPE purchases by the crypto futures platform.

Traders using borrowed money to wager on rising prices had $688.56 million in forced liquidations in a single day this month, BeInCrypto reported.

How Bullish are Analysts on HYPE?

CryptoQuant measures how bullish analysts are against each asset's own recent history. HYPE led the rankings at 2.3 standard deviations above normal. It was followed by BNB, Solana, Bitcoin, and Cardano (ADA).

"The most bullish crypto asset by analyst sentiment is $HYPE," said Ki Young Ju, founder and CEO of CryptoQuant.

The top price target on CryptoQuant's chart for HYPE is $100 to $120.

By raw share, HYPE is not the highest. CryptoQuant's dashboard reports 90% of tracked analysts bullish on HYPE, compared to 100% for ADA and 92% for Uniswap (UNI).

History offers a contrast. HYPE's previous major decline, which saw it fall from around $75 in early June to roughly $52 in August, coincided with bearish analyst sentiment on CryptoQuant's chart. In the current downturn, sentiment has remained bullish.

Holders have two key metrics testing the bullish thesis. The first is the ability of daily buybacks to offset selling pressure. The second is $75.14, a support level identified in BeInCrypto's weekend analysis.

HYPE traded at less than $1.50 above that support level.