Analysts Pick One Altcoin Above Bitcoin and Solana, But It's Falling Anyway

Hyperliquid (HYPE) holders have lost 15% in a month as the token fell harder than Bitcoin, Ethereum, and Solana. Yet analysts are more bullish on it than on any other major cryptocurrency, according to CryptoQuants ranking of analysts. HYPE traded at $76.55 on Sunday, about 22% below its September 23 record of $97.96. The token is worth roughly $17 billion. Hyperliquid (HYPE) Price Performance. Source: BeInCrypto Why is HYPE Falling Harder than the Market? Over the same 30 days, Bitcoin (BTC) was flat, while Ethereum (ETH) and Solana (SOL) each lost about 9%. One cause is specific to HYPE. On October 6, Hyperliquids team received 3.75 million HYPE, then worth about $340 million, in a scheduled payout, according to unlock tracker Tokenomist. A co-founder said the batch would be sold off-exchange to one institutional buyer. Neither the buyer nor the price was disclosed. That payout was worth nearly five times the $71 million Hyperliquid generated for buybacks over the past 30 days, DefiLlama data shows. The platform, a venue for trading crypto futures, routes about 99% of trading fees into daily HYPE purchases, according to CoinShares. Traders betting on higher prices with borrowed money lost $688.56 million to forced closures in one day this month, BeInCrypto reported in its Hyperliquid whale coverage. How Bullish are Analysts on HYPE? CryptoQuant scores how strongly analysts lean bullish against each coins own recent history. HYPE topped its ranking at 2.3 standard deviations above normal. BNB, Solana, Bitcoin, and Cardano (ADA) followed. The most bullish crypto asset by analyst sentiment is $HYPE, noted Ki Young Ju, founder and CEO of CryptoQuant. The leading call on the firms chart targets $100 to $120. By raw share, HYPE is not the most backed. CryptoQuants page shows 90% of tracked analysts bullish on HYPE, against 100% for ADA and 92% for Uniswap (UNI). HYPE Becomes Cryptos Most Bullish Bet as Price Drops 15% in a Month History offers a contrast. HYPEs last big pullback, from about $75 in early June to near $52 in August, came as analyst sentiment turned bearish on CryptoQuants chart. This time, sentiment has stayed bullish through the drop. For holders, two figures now test the bull case. One is whether daily buybacks can absorb selling. The other is $75.14, a support level flagged in BeInCryptos weekend analysis. HYPE trades less than $1.50 above it, per the Hyperliquid price page. Read the article at BeInCrypto