Hyperliquid's HYPE token extended its recovery for a second straight session on Wednesday, trading above $58 as buyers set their sights on a breakout past the $60 level. The move comes as the Hyperliquid Policy Center and trade[XYZ] jointly filed a comment letter with the U.S. Securities and Exchange Commission, pushing for rules that would let American investors access pre-IPO perpetual markets.
What the SEC letter asks for
The letter urges the SEC to establish a regulatory framework for pre-IPO perpetuals, a type of instrument that lets traders take a directional position on a company's expected valuation ahead of a scheduled listing. These contracts don't grant actual shares, allocation rights, or voting power — they're purely price bets on a future public debut.
To back the argument, the letter points to pricing history from at least five trade[XYZ] pre-IPO perpetual markets that ran their full lifecycle on Hyperliquid. The claim: these markets provide transparent, continuously updated price signals before a company's shares begin trading publicly.
The Hyperliquid policy organization cited SpaceX as a concrete example. Its pre-IPO perpetual market was priced at $135 before the company listed at $150, but U.S. investors had no regulated way to trade it. That gap, the letter argues, leaves American retail and institutional participants locked out of price discovery that already happens elsewhere.
HYPE's technical setup
On the charts, HYPE maintains a bullish structure. The token sits above its 50-day, 100-day, and 200-day exponential moving averages, with the MACD in positive territory and the RSI near 56 — a neutral-to-bullish reading that leaves room for upside without being overbought.
Immediate support sits at the 50-day EMA around $58.33. Below that, the 100-day EMA at $56.76 and the 200-day EMA at $51.68 offer deeper cushions. On the upside, a sustained daily close above the descending resistance trendline and the $60 round number could confirm a breakout, according to the technical data.
What happens next
The SEC has yet to respond to the comment letter. For HYPE, the immediate question is whether buyers can hold the $58 area and push through $60 in the coming sessions. A close above that level would mark the first clear break of the recent downtrend line, while a failure to hold the 50-day EMA could send the token back toward the $56.76 support.
