Hyperliquid's HYPE token has emerged as the most bullish cryptocurrency in analyst sentiment, according to Ki Young Ju, founder and CEO of CryptoQuant. The ranking places HYPE ahead of established cryptocurrencies including Bitcoin and Ethereum.
The optimism surrounding HYPE stems primarily from its tokenomics structure. Hyperliquid uses a portion of platform fees to repurchase HYPE coins from the open market, creating a constant source of demand tied directly to protocol activity.
According to Ju's analysis, the ranking of most bullish cryptocurrencies places HYPE first, followed by BNB in second place and Solana's SOL in third. Bitcoin ranks fourth, with Cardano, Ripple, Ethereum, and Uniswap following behind.
However, some analysts caution that overwhelmingly positive sentiment can serve as a contrarian indicator. Ali Martinez commented on the ranking, noting that extreme bullish sentiment may signal an asset is overheating and vulnerable to a pullback.
As of the time of reporting, HYPE trades just above $80, down 18% from an all-time high of nearly $100 earlier in the year. Martinez identified a TD Sequential buy signal on the asset, citing a previous signal that preceded an 11% rebound. He suggested the token could test $86 and then face resistance near $93 if similar follow-through occurs.
Another analyst noted that HYPE is currently testing its 100-day moving average and has bounced off it, with the long-term outlook remaining unchanged if June highs near $76 continue to hold.
