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Hyperliquid (CRYPTO: HYPE) jumped 10% to $39.70 on Thursday after Hyperliquid Strategies Inc. filed a Form S-1 with the SEC, seeking to raise up to $1 billion through a 160 million-share public offering that could also fund token purchases linked to its cryptocurrency strategy.
According to the SEC filing, the company plans to use a portion of the proceeds to acquire HYPE tokens, directly connecting its equity raise to the digital asset ecosystem it operates in.
The New York-based firm, a merger between Sonnet BioTherapeutics Holdings Inc. (NASDAQ:SONN) and Rorschach I LLC led by CEO David Schamis, listed general corporate purposes and token purchases among the primary uses of capital.
The proposed raise would value the deal among the largest digital-finance offerings this year.
$HYPE Price Action (Source: TradingView)
On the 4-hour chart, HYPE has broken out of a narrowing wedge pattern that constrained price action through mid-October.
The move pushed the token above the 20- and 50-day exponential moving averages between $37.00 and $39.50, marking its first sustained breakout in weeks.
The next test sits near the 100-EMA at $39.54 and the 200-EMA around $42.30.
A decisive close above $42 would confirm the trend reversal and open upside targets at $48–$50, with an extended measured move projecting toward $58–$60 if momentum holds.
The Supertrend indicator flipped bullish around $34.80, reinforcing the view that the higher low near $36.50 could serve as a structural pivot.
$HYPE Netflows (Source: Coinglass)
Despite price gains, spot flow data from Coinglass shows continued outflows.
On Oct. 23, exchanges recorded roughly $3.96 million in net outflows, extending a multi-week pattern of negative spot activity.
The data suggests that while prices are recovering from oversold levels, underlying spot demand remains limited, with sellers still sending tokens back to exchanges.
Persistent outflows often weigh on breakout sustainability, particularly when prices test major resistance zones.
Traders are watching for a shift toward positive netflows to confirm institutional accumulation.
The short-term outlook hinges on whether HYPE can close above the 200-EMA near $42.
A confirmed breakout would likely attract momentum buying and put $48, $52, and $58 in play.
Failure to absorb selling pressure around that level, however, could send the token back toward $37 support and potentially to the $34.50 base if the rally fades.
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