[DigitalToday reporter Yoonseo Lee] Hyperliquid's native token HYPE has climbed more than 30 percent over five days to an all-time high (ATH) of around $74. As the breakout on the charts continues, some are discussing the possibility of a move above $100.

Cointelegraph reported on June 1 (local time) that after a strong rise, HYPE broke above the top of a 'bull pennant' pattern. It presented a technical target of around $105.30.

The move is drawing attention because a technical structure supporting trend continuation has coincided with the price surge. After a late-May spike created a 'flagpole', HYPE went through a brief correction inside a symmetrical triangle. It then broke above the upper trend line over the weekend as volume increased. In a bull pennant pattern, additional upside is typically calculated by projecting the height of the previous flagpole after an upside break. Applying that, HYPE's target is around $105 in June or July, about 45 percent above current levels.

Signs of overheating are also emerging. The relative strength index (RSI) was above 77 as of June 1, entering overbought territory. If short-term profit-taking increases, a pullback could occur in June to around $58.32, the 20-day exponential moving average. If that support breaks, the current breakout scenario could weaken.

The derivatives market is also leaning higher. Hyperliquid open interest rose to a record high, increasing to $3.5 billion recently from about $1.41 billion at the start of the year, according to CoinGlass. That means leveraged inflows expanded while the price entered record-high territory.

HYPE's open-interest-weighted funding rate stayed positive at around 0.0050 percent every 8 hours as of June 1. That indicates a structure in the perpetual futures market in which holders of long positions pay those holding short positions, showing leveraged demand is skewed to the upside.

Short liquidations also added to upward pressure. Since May 20, about $126.28 million in short liquidations has occurred in the HYPE market. Over the same period, long liquidations totalled about $68.85 million. As prices rose, investors betting on declines took losses and closed positions, and that process created a short-squeeze pattern that led to additional buying, the analysis said. If the trend continues, the pace of gains could accelerate up to the $100 to $105 range.

Fundamentals also supported the bullish case. Based on DefiLlama data, Hyperliquid recorded app revenue of $57.9 million over the past 30 days, ranking second among blockchains and surpassing Ethereum. The chain also operates a structure in which it sends 99 percent of protocol fees to a support fund and uses that money to buy HYPE on the open market. The view that token-buying demand repeatedly arises as trading activity increases is also working as a pillar of the upside thesis.

Changes in the regulatory environment are also being cited as an indirect factor. The U.S. Commodity Futures Trading Commission (CFTC) on May 30 recognised perpetual futures as a useful tool for price discovery and risk management. Hyperliquid was not singled out as a direct beneficiary, but the market is taking it positively as improving recognition of the perpetual futures market at the centre of its business.

Inflows into spot exchange-traded funds (ETFs) are also notable. The U.S.-listed HYPE spot ETFs by Bitwise and 21Shares, listed on May 12, have attracted $122.2 million in net assets so far. It is a sign that institutional money is responding early to HYPE exposure.

Ultimately, HYPE's rise reflects a combination of a chart breakout, long-heavy derivatives positioning, expanding short liquidations, a revenue-based buyback structure and ETF inflows. With short-term overheating indicators elevated, the market is watching support at $58.32 and whether the token can settle above $100 as the next key points.