Hyperliquid (HYPE) Price Could Approach $59 Again as Market Sentiment Improves

Hyperliquid (HYPE) witnessed a price increase of more than 10%, reaching approximately $33, suggesting a potential turnaround as a double-bottom pattern emerges. This surge comes on the heels of Sonnet BioTherapeutics' recent merger approval with Hyperliquid Strategies, aiming to establish a Digital Asset Treasury valued at nearly $1 billion, with 65% of the funds allocated to HYPE tokens. The growing institutional interest and the increasing adoption of decentralized perpetual trading among retail investors are contributing to the optimistic outlook for this alternative cryptocurrency.