Hyperliquid's HYPE token could rally toward $90.75 as a bullish technical setup develops alongside the protocol's potentially significant push into the US derivatives market.
Hyperliquid Explores US Expansion Through Kraken Parent
Hyperliquid is exploring a route into the US market through Payward, the parent company of Kraken, potentially opening the protocol to a much larger pool of regulated derivatives traders, according to Bloomberg Law.
Payward has reportedly discussed a framework with the US Commodity Futures Trading Commission (CFTC) that would allow American traders to access select Hyperliquid-linked perpetual futures through Bitnomial, its regulated derivatives subsidiary.
The proposed structure would place Bitnomial between US traders and Hyperliquid-related markets rather than giving Americans direct access through Hyperliquid's existing interface.
Bitnomial already operates a CFTC-regulated derivatives exchange, clearing organization and futures commission merchant, giving Payward the infrastructure needed to offer compliant crypto perpetual products.
That distinction could matter for HYPE holders. Hyperliquid directs most protocol revenue toward HYPE purchases through its Assistance Fund. If future US trading generates protocol fees, the expansion could strengthen that buyback mechanism.
No such revenue-sharing arrangement has been disclosed, however.
HYPE Ascending Triangle Breakout Targets $90.75
Meanwhile, HYPE is attempting to break above an ascending triangle on its four-hour chart.
The pattern developed as sellers repeatedly defended the $82.50-$83 resistance area while buyers stepped in at increasingly higher prices.
That behavior explains the bullish psychology behind an ascending triangle: sellers remain concentrated around one ceiling, but buyers become progressively less willing to wait for deeper pullbacks.
Eventually, persistent demand can absorb the available supply at resistance and trigger a breakout. HYPE was trading near $83.33 after pushing slightly above the triangle ceiling.
A sustained four-hour close above the resistance zone could confirm the breakout, putting the pattern's measured target near $90.75, roughly 9-10% above current levels.
CoinGlass's liquidation heatmap adds another near-term bullish catalyst. HYPE's closest major liquidity magnet sits around $86.63, where roughly $1.87 million in short positions could be liquidated at that level, with cumulative short liquidations reaching about $10.75 million.
A move toward this zone could therefore trigger forced short covering, potentially helping accelerate HYPE's breakout toward the ascending triangle target near $90.75.