Hyperliquid (HYPE) is testing key support after a sharp rally, with bullish momentum still intact if buyers defend the current structure. Growing network activity and demand across its markets could further strengthen the token’s broader outlook. Traders are now watching closely for a potential breakout and renewed upside momentum.
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HYPE Price Tests Critical Support Level
Hyperliquid’s HYPE token is entering a critical phase as traders monitor whether its recent correction can stabilize above key technical support.
After recovering strongly from a summer low near $50, HYPE rallied toward $88 before retreating. The pullback has now brought the token closer to an important support region.
Source: Immortal’s X Post
Crypto analyst Immortal recently revealed that he placed bids for HYPE around the current support area, saying he remains patient while waiting for those orders to fill.
The analyst noted that the positions were being placed through TxFlow because of its low fees, while indicating he would provide an update if the bids execute.
Also Read: HYPE Price Holds Above $80 With High Hyperliquid Network Activity
Technical Structure Points to Short-Term Cooling
TradingView chart analysis shows that HYPE underwent a significant trend transition following its extended summer correction.
The token established a bottom around $50 before strong buying pressure accelerated the recovery. The subsequent rally pushed HYPE above its 20-, 50-, 100-, and 200-period moving averages as volatility expanded sharply.
Source: TradingView
The advance eventually carried HYPE toward a peak near $88 before sellers returned to the market. Price has since slipped below the 20-day simple moving average around $82.44 and moved closer to the lower Bollinger Band near $76.12, highlighting the importance of the current support zone.
Despite the recent weakness, the broader technical structure remains constructive while HYPE holds above deeper moving-average support. The 50-day EMA around $73.78 represents an important level for bulls, while the 100-day EMA near $67.22 provides another layer of potential support if the correction extends further.
Hyperliquid TVL Strengthens Network Thesis
Besides price movements, there have been other activities happening in the Hyperliquid ecosystem that are giving more information on HYPE’s future. Market Watcher Whale Factor mentioned that Hyperliquid L1 is able to hit almost $1.40 billion TVL, putting it side by side with Arbitrum, thereby ranking seventh worldwide.
Source: Whale Factor’s X Post
The entire Hyperliquid ecosystem is expanding, with the TVL at $6.73 billion, having grown by 11.6% in the past 30 days. This growth shows that capital is flowing through the entire ecosystem, and it proves that the application chain theory of Hyperliquid is becoming more prominent.
HIP-3 Markets Drive Derivatives Activity
The HIP-3 ecosystem from Hyperliquid has also been seeing considerable action in the indexes, commodities, and equity-related markets. As seen in the data presented by the Hyperliquid Daily, there was a total open interest worth more than $2.49 billion in the top ten HIP-3 markets.
The S&P 500 index is in the lead with about $393 million of open interest, followed by SKHX with $365.4 million.
Source: Hyperliquid Daily’s X Post
Gold and XYZ100 have around $330.4 million and $277.8 million of open interest, respectively, whereas SKHY, Brent Oil, and MU have more than $200 million of open interest.
Among other markets worth mentioning are CL with open interest of about $184.6 million, SPCX with open interest of about $163.5 million, and SNDK with open interest of about $132.6 million. This means that the platform is also being used by traders not just for crypto exposure.
What Happens Next for HYPE?
For HYPE, the first point to consider is if the buyers will manage to keep the $76 support intact and avoid turning the correction into a retracement.
It would be helpful to remain above the 50-day EMA line and to break above the resistance level to give a chance for further growth.
The expansion of the TVL of the ecosystem, the high HIP-3 open interest, and the technical build-up of the token make it possible to identify a few catalysts to look out for in HYPE.
However, in order to realize the $110 price scenario, there must be an increased buying pressure and a break out of the token.
Also Read: HYPE Price Targets $130 as Hyperliquid Overtakes OKX in Open Interest
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
