The first Hyperliquid (HYPE) ETF debut in the US on Tuesday drew attention quickly after the fund reportedly logged more than $1 million in inflows on day one. However,
trading conditions changed fast.
On Wednesday, HYPE's price fell about 4%, sliding to roughly $38 as the broader crypto market stayed under pressure throughout the week and extended the downturn.
Failed Attempts At $45
Despite the near-term weakness, one analyst believes the altcoin still has a clear path to substantially higher levels once the current market cycle improves. In a Wednesday post on social media site X (formerly Twitter), market analyst McKenna argued that HYPE's recent movement resembles a local top on the altcoin's daily chart.
Two Views On Hyperliquid
Looking further ahead, McKenna's outlook is significantly more optimistic on a fundamentals-based horizon. He said he expects HYPE to eventually push into "three digits" before summer 2027. If Hyperliquid were to hit $100 in the coming year, that would be an increase of over 163% from current trading levels and almost double HYPE's current price record from the previous year's bull run, when the cryptocurrency reached about $59.
