HYPE Targets $60 as Hyperliquid Policy Center Urges SEC to Allow Pre-IPO Perpetuals

Hyperliquid (HYPE) has staged a second consecutive day of recovery this week, with the decentralized exchange’s native token trading above $58 as market participants target a breakout past the $60 psychological level. The advance reflects improving momentum across technical indicators, with the token maintaining a constructive setup above its major moving averages—a signal of underlying strength in its price structure.

Beyond day-to-day price action, a more consequential development is unfolding in the regulatory arena. According to the Hyperliquid Policy Center and trade[XYZ], these organizations have jointly filed a comment with the US Securities and Exchange Commission. Their submission addresses the SEC’s recent request for proposals aimed at modernizing the Initial Public Offering process and advocates specifically for rules permitting American investors to access pre-IPO perpetual derivative markets.

Building a Case for Pre-IPO Perpetual Markets

The regulatory filing details the operational history of at least five pre-IPO perpetual, or IPOP, markets that previously operated on Hyperliquid and completed their full lifecycles on the platform. These instruments functioned as price discovery mechanisms, providing traders with directional exposure to company valuations ahead of public listings while continuously updating prices based on market demand.

Crucially, IPOP contracts differ fundamentally from actual pre-IPO equity. Contract holders receive no shares, allocation rights, voting power, or direct claim against the underlying company. Instead, the instrument provides purely price exposure to anticipated movements before a company’s shares become publicly tradable. Nevertheless, the organizations contend these markets offer value extending beyond speculation—they provide transparent, real-time pricing signals benefiting both investors and issuers evaluating listing expectations.

To illustrate the regulatory gap, the policy center cited SpaceX. A pre-IPO perpetual market on Hyperliquid priced the company at $135 before it listed at $150, demonstrating the price discovery potential of these instruments. Yet American investors had no SEC-approved mechanism to access such trades. Under a modernized regulatory framework, both US investors and company issuers could benefit from the transparency and signals these markets provide, the organizations argue.

Technical Strength Supports Price Momentum

Currently, HYPE trades near $58.73, maintaining its position above the 50-day, 100-day, and 200-day exponential moving averages—a bullish configuration creating multiple support levels beneath the current price. The Moving Average Convergence Divergence indicator has moved firmly into positive territory, signaling strengthening upside momentum, while the Relative Strength Index stands near 56, indicating steady buying pressure without the token becoming overextended.

Regulatory frameworks establishing legitimacy for crypto derivatives markets could set important precedent benefiting the entire digital asset ecosystem, including established cryptocurrencies like XRP seeking their own pathways to institutional clarity.

Source: Hyperliquid Policy Center, via the source. Not financial advice.