Hyperliquid (HYPE) continued to attract attention on Tuesday as quarterly metrics showed robust protocol growth, even as the token price remains under pressure. At the time of writing, HYPE trades at $55.79, reflecting a 2.12% drop over the past 24 hours. Analysts noted that despite the price decline from July’s peak above $75, both technical data and recent quarterly performance indicate investors are closely watching for signs of a recovery.
Technical momentum and key resistance
The daily chart from TradingView shows Hyperliquid is testing the $57.5 resistance level, a key point after weeks of persistent selling. While the prevailing overall trend appears bearish, buyers are actively defending the current price area, which has reduced immediate downside risk.
The MACD histogram switched to positive territory, signaling that the selling pressure is gradually easing. However, the MACD line remains below the signal line, meaning a new bullish trend has yet to be confirmed. If buyers succeed in reclaiming the $57.5 level, short-term sentiment could improve, making a push toward the next resistance near $68 possible.
While bearish momentum is fading and buyers defend current levels, technical conditions suggest further confirmation is needed before a sustained rally develops.
Analysts are watching to see if HYPE can hold these key resistance areas to confirm a change in trend.
| Metric | Recent Value | Trend |
|---|---|---|
| HYPE price | $55.79 | Down 2.12% (24h) |
| Short-term resistance | $57.5 | Re-tested |
| Next resistance | $68 | Potential target |
Quarterly growth and RWA adoption
The protocol experienced significant quarterly growth, with a report from Wu Blockchain highlighting a surge in real-world asset (RWA) perpetual contracts. The HIP-3 RWA perps share increased dramatically, rising from 1.8% to 32.2% of Hyperliquid’s total volume within two quarters. Quarterly trading volume reached $213 billion, underscoring strong platform activity despite the decline in token price.
During Q2, three HYPE ETFs were launched, and institutional funds, along with associated treasuries, accounted for roughly 7.7% of the total HYPE supply. Hyperliquid reported $169 million in revenue for the quarter, allocating $141 million to HYPE buybacks and lifting cumulative protocol revenue above $1 billion. This signals ongoing institutional involvement and protocol development, offering optimism even as the price corrected from previous highs.
Mini dictionary: Real-world asset (RWA) perpetual contracts, or RWA perps, are derivative products that allow traders to gain synthetic exposure to traditional assets on a blockchain platform without owning the actual physical asset. This innovation enables on-chain trading of commodities, real estate, or other financial instruments on a decentralized exchange.
Institutional funds and treasuries now hold 7.7% of HYPE’s total supply, reflecting increasing long-term involvement from professional investors alongside continued protocol revenue growth.
Market activity and network fundamentals
Broader market activity indicates that traders maintain a strong presence in HYPE markets. CoinGlass reported high open interest, suggesting continued engagement by market participants regardless of recent price swings. Data from DeFiLlama further showed that network activity on Hyperliquid remains steady, even as the token’s value faces short-term volatility.
Together, these metrics point to persistent user engagement and expanding protocol use, matching the growth story depicted by the recent quarterly report.
Outlook for HYPE price recovery
Technical and fundamental factors provide a mixed outlook for HYPE. While current price charts signal the protocol may still be establishing a bottom, quarterly results indicate underlying strength through rising platform activity, accelerated RWA adoption, and increased institutional participation.
Market observers have identified the $57.5 resistance as the next critical level to watch. A sustained reclaim of this zone may open the door for further gains, with near-term focus on resistance at $68. For now, while Hyperliquid’s ecosystem expands, price action remains closely tied to confirmation from ongoing technical developments.
