Hyperliquid (HYPE) is experiencing a remarkable price jump, rising from around $34 to $47 today. This surge has piqued analysts and traders alike, with key factors driving this upward momentum. 47, edging closer to its previous record high of around $50, as the token recovers from a recent dip of about 20%. The move is attributed to a combination of increased spot buying from investors, coupled with strong absorption from the Automated Finance (AF) market. This surge has been supported by consistent buybacks fueled by Hyperliquid’s leading network activity and funding rates. Notably, open interest in HYPE futures markets has seen an increase of 5%, signaling potential for further breakout above $50. McKenna, a crypto analyst, notes that the price rally is driven by spot buying rather than heavy leverage, contributing to a more sustained price action.