HYPE Could See Upward Momentum After Sonnet BioTherapeutics Launches $583M Hyperliquid Treasury

Key Points

1. Hyperliquid Strategies Inc. will hold 12.6 million HYPE tokens and a $305 million cash reserve, potentially influencing HYPE's price dynamics.

2. Technical analysis shows HYPE's RSI approaching overbought territory, with potential for a breakout above $50 if support at $45.80 holds.

3. A drop below the 20-day exponential moving average ($42.93) or 50-day simple moving average ($38.86) could lead to a deeper correction.

4. The $583 million treasury launch by a Nasdaq-listed biotech firm reflects growing institutional interest in crypto assets.

5. The initiative combines large token holdings with corporate treasury strategies, signaling broader market maturity and potential for HYPE's price growth.