Date: Tue, May 13, 2025 | 09:10 AM GMT

The cryptocurrency market continues to build on its recent strength, with Ethereum (ETH) leading the charge. ETH has climbed more than 51% over the past month and is now trading near the $2,450 mark — its highest level in months. This resurgence is also helping to lift sentiment across major altcoins, including Hyperliquid (HYPE).

HYPE, the native token of Hyperliquid’s decentralized exchange, has posted an impressive 54% monthly gain — and now a technical pattern is hinting that another leg up might be just around the corner.

Source: Coinmarketcap

Elliott Wave Impulse Pattern Signals More Upside

On the 4-hour timeframe, HYPE is showing a classic 5-wave Elliott impulse structure in progress and has already rallied by 46%. The current wave count suggests that after pulling back from the Wave C high of $26.56, Wave D has likely completed near the $23.32 level — and now Wave E could be gearing up for another strong move to the upside.

Hyperliquid (HYPE) 4H Chart/Coinsprobe (Source: Tradingview)

This pullback appears healthy and sets the stage for Wave E — the potential final push in this upward cycle. If the current wave count holds, Wave E could launch HYPE toward the $30–$31 region, representing another 21% gain from current price levels near $24.88.

This projection also aligns with a 1.0 Fibonacci extension level taken from the B-C-D wave sequence — a common extension target for Wave E in Elliott Wave theory.

The pattern, combined with the strong market sentiment and bullish structure, suggests HYPE may still have room to run — especially if it breaks above the $26.56 resistance area with strong volume.

As shown in the chart, the final wave (E) could complete the 5-wave cycle, which often leads to either a larger correction or a consolidation phase. Until then, traders may want to keep an eye on the $30.31 level as a potential near-term target.

Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.