Hyperliquid Strategies Inc. (NASDAQ:PURR) stock surged Friday as crypto-linked stocks rallied ahead of a key U.S. Senate vote. The broader market also traded higher. The Nasdaq gained 1.08%, while the S&P 500 rose 1.01%.

According to Benzinga Pro, crypto-linked stocks rose ahead of an upcoming Senate procedural vote on the Clarity Act.

Sen. Cynthia Lummis said on social media that the updated bill text reflects “bipartisan hard work over August.” The comments fueled investor optimism that the legislation could clear the key procedural hurdle.

Hyperliquid Strategies also received a bullish analyst update this week. On Thursday, Cantor Fitzgerald maintained an Overweight rating on the stock and raised its price forecast to $34.20.

Technical Analysis

PURR remains in a strong longer-term uptrend. The stock has gained 201.03% over the past 12 months.

Shares are trading 8.8% above their 20-day simple moving average of $10.81. They are also 38.4% above the 50-day SMA of $8.50 and 44% above the 100-day SMA of $8.17.

The 20-day SMA remains above the 50-day SMA, supporting the bullish trend.

However, momentum has cooled. The MACD is below its signal line, while the histogram is negative. That suggests buying momentum has weakened from its previous pace.

PURR hit a recent swing low in July before reaching a 52-week high in August. The $11 level could now serve as near-term support.

Hyperliquid Strategies Builds HYPE Exposure

Hyperliquid Strategies is a digital asset treasury company focused on accumulating HYPE, the native token of the Hyperliquid blockchain.

The company aims to generate additional returns through staking, yield optimization and participation in the Hyperliquid ecosystem. As a result, PURR can trade partly on cryptocurrency sentiment and partly on the company’s treasury strategy.

Analyst Outlook

Wall Street has a Buy consensus rating on PURR. Eight analysts have an average price forecast of $20.40, with forecasts ranging from $10 to $34.20.

Cantor Fitzgerald maintained an Overweight rating Thursday and raised its price forecast to $34.20. Chardan Capital raised its forecast to $17 on Aug. 28 while maintaining a Buy rating.

Hyperliquid Strategies (PURR) Price Action

PURR Price Action: Hyperliquid Strategies shares were up 6.31% at $11.71 at the time of publication Friday, according to Benzinga Pro data.

Photo via Shutterstock

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