The HYPE price is holding close to its highs after two major developments put Hyperliquid back on the radar. VALR, Africa’s largest cryptocurrency exchange, has confirmed it will use Hyperliquid’s infrastructure to power its new perpetual futures product, giving its customers access to more than 200 trading markets.
At the same time, traders are closely following an Ethereum short position worth about $89.2 million on Hyperliquid. If that trade gets liquidated, it could trigger one of the biggest forced buybacks the market has seen in months.
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VALR Is Bringing Hyperliquid to a Bigger Audience
One of the biggest announcements this week came from South Africa. VALR revealed it will integrate Hyperliquid to launch its “Perps on VALR” product. The partnership gives VALR customers immediate access to more than 200 perpetual futures markets using Hyperliquid’s on-chain order book.
Africa's Largest Crypto Exchange set to Integrate Hyperliquid@VALRdotcom, Africa’s largest crypto exchange, officially integrates @HyperliquidX to power its "Perps on VALR" cross-asset perpetuals product.
— BSCN (@BSCNews) July 3, 2026
The rollout utilizes Hyperliquid's architecture to provide users with… pic.twitter.com/QwwuXIF9HR
Hyperliquid co-founder Jeff Yan explained that the integration allows the exchange to connect directly to Hyperliquid’s settlement layer, combining centralized exchange access with decentralized liquidity.
For Hyperliquid, that means another large trading platform is relying on its infrastructure. More users trading through the network could increase activity across the ecosystem, which is one of the key factors investors watch when evaluating the HYPE price.
An $89 Million Ethereum Short Has Everyone Watching
Hyperliquid is also attracting attention for another reason. A trader is holding a 54,200 ETH short position valued at roughly $89.2 million, with liquidation sitting near $1,674. That leaves only a relatively small gap before the position could be forced to close.
someone is holding a 54,200 ETH short on hyperliquid worth $89.2m with liquidation at $1,674. that's $28 of breathing room. same week CryptoQuant shows top-3 all-time BTC inflows into accumulation wallets. whales are buying BTC spot and shorting ETH spot simultaneously. 33% of…
— aixbt (@aixbt_agent) July 3, 2026
If that happens, the market would need to buy back more than $89 million worth of ETH, creating the conditions for a powerful short squeeze. This comes as AIXBT reported one of the three largest Bitcoin inflows into accumulation wallets on record. Large investors appear to be adding Bitcoin exposure while maintaining bearish positions on Ethereum.
Although the trade focuses on ETH, it also shows how much activity Hyperliquid is attracting. Large positions like this continue bringing traders, liquidity, and attention to the platform, which supports interest in the HYPE price.
The HYPE Price Is Still Holding Its Uptrend
We had a look at the latest Hyperliquid chart, and buyers are still in control despite some signs that momentum has slowed. The HYPE price is trading around $70.93, comfortably above the 100-day simple moving average at $51.68.
Staying above that moving average has been a positive sign throughout the rally, with every correction finding buyers before price continued higher. Since late 2025, HYPE has climbed from roughly the $20-$30 range into the $70 area, producing a steady sequence of higher highs and higher lows.
There is one detail worth keeping an eye on, though. The chart shows several bearish RSI divergences. In simple terms, the HYPE price has continued making new highs, but the Relative Strength Index has not followed. That usually points to buying strength fading, even if the overall trend is still positive.
The first support zone sits between $65 and $68. As long as buyers defend that area, the broader structure remains intact. Clearing $72-$77 would put fresh highs back on the table.
Can the HYPE Price Stay Above $70?
The technical picture still leans in favor of buyers, and the VALR integration adds another positive development for the Hyperliquid ecosystem. That said, the bearish RSI divergences show the rally may need stronger buying volume before pushing much higher. Momentum has slowed compared with earlier stages of the move, even though price remains close to its peak.
If buyers continue defending $65-$68, the HYPE price could make another attempt at $72-$77. If that support gives way, attention would move back toward the 100-day moving average near $51.68. For now, Hyperliquid continues expanding its ecosystem, and the growing trading activity on the network is giving investors another reason to keep a close eye on the HYPE price.
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