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Hyperliquid price slips toward key $36 support amid higher volumes
Hyperliquid (HYPE) continued to slide, trading near $37.63 at press time after a 9% drop over the last 24 hours. The token has moved to the lower end of its seven-day range, shedding roughly 20% this week and 25% over the past month. HYPE now sits about 36% below its all-time high of $59.30 set on Sept. 18.
Market activity and derivatives signal caution
Daily spot trading volume for HYPE surged 59% to $796.7 million, while derivatives turnover climbed 38.7% to $2.81 billion. Open interest, however, fell 7.7% to $1.59 billion. Rising derivatives activity paired with lower open interest often indicates traders are closing or rotating positions rather than aggressively adding new long exposure — a pattern that points to short-term caution and potential volatility for the token.
Whale accumulation and protocol buybacks underpin possible rebound
On-chain research from CryptoQuant contributor EgyHash (Nov. 3) highlights increased accumulation by large addresses. Spot volume growth and larger average order sizes suggest high-net-worth and institutional participants are building positions. Futures data showing bigger average order sizes supports this accumulation thesis.
Hyperliquid daily chart
Buybacks, listings and liquidity add structural demand
Hyperliquid’s ecosystem channels a significant portion of protocol fees into buybacks. The Assistance Fund has repurchased more than $340 million year-to-date and continues monthly buybacks of about $65 million. Ongoing buybacks and planned delegated programs could create steady demand into year-end if the program persists.
Infrastructure upgrades and broader exchange adoption are additional tailwinds. HYPE trading pairs have been added on Bybit, OKX and Robinhood Europe, while Bitget Wallet’s HyperEVM bridge has attracted USDC liquidity exceeding $4.5 billion. Institutional interest has also been piqued by exchange-traded fund filings from 21Shares and Bitwise, which could amplify any bullish momentum if market sentiment turns positive.
Technical outlook: support at $36, resistance at $41–$42
From a technical perspective, HYPE remains in a cautious regime. The token is trading below the daily middle Bollinger Band, near the lower band, and the MACD remains negative. Momentum indicators skew bearish and the relative strength index (RSI) sits around 40, signaling mild weakness.
Most short- and mid-term moving averages (10–100 day) sit above the current price and are trending lower, reinforcing a short-term bearish structure. The $36–$38 range is a critical support zone — roughly aligned with an estimated 200-day moving average. A decisive daily close below $36 could expose HYPE to deeper selling pressure toward $32, a zone that previously attracted buyers.
Upside path and potential targets
If bulls can defend $41–$42 and trigger a breakout, momentum could return with near-term targets at $49 and, on a sustained accumulation push, $55. Continued whale accumulation combined with steady buybacks, expanding liquidity and institutional interest would be the key catalysts to validate a meaningful rebound scenario.
Hyperliquid’s short-term outlook hinges on whether large holders continue to accumulate and whether protocol-level buybacks and new listings translate into persistent demand. Traders should monitor derivatives behavior, open interest, and on-chain accumulation metrics for early signs of a reversal.
Source: crypto
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