HYPE, the native token of the Hyperliquid decentralized exchange, is currently seeking to regain momentum after retreating from its September peak. Traders are closely observing whether the recent recovery off local lows can spur a stronger upward move toward a new all-time high.
Price action and technical levels
As of the latest session, HYPE is trading at $80.14, recording a 0.33% increase during the most recent four-hour period on TradingView. Despite this uptick, the token remains below its previous record of $98. Market data shows HYPE’s open interest stands above $3 billion, indicating significant exposure to the asset remains.
The four-hour price chart shows the token recovering from support in the $76–$77 range and surpassing the midline Bollinger Band at $78.81. This move hints at improving short-term sentiment, but resistance at $80.55 continues to cap upside attempts. Should HYPE manage a clear move above $80.55, this could signal a reinforced rally; failure to break this level increases the risk of revisiting lower support zones.
Further resistance at $86.35 may come into play if buying momentum continues. However, HYPE must overcome both the $80.55 and $86.35 resistance barriers to approach its September high of $98 once more.
On the downside, immediate levels to monitor include $78.81 and $77.07, with a sustained break below $76 seen as a key risk for the ongoing recovery. Technical analysts regard these bands as essential triggers for short-term direction shifts.
| Support levels | Resistance levels | All-time high |
|---|---|---|
| $76, $77.07, $78.81 | $80.55, $86.35 | $98 |
Derivatives and trading activity
Data from trading analytics platform CoinGlass recorded Hyperliquid’s open interest around $3.2 billion as of October 20. This figure remains steady even after HYPE retreated from its earlier surge, suggesting that major derivatives positions have yet to unwind. High open interest is often linked to larger price swings as leveraged trading amplifies volatility. However, the open interest data alone does not reveal whether traders predominantly favor bullish or bearish positions.
Trading volume analysis indicates that while August’s rally was accompanied by a notable increase in activity, the latest price recovery has not shown a similar rise in traded volumes. Technical analysts emphasize that an increase in trading activity accompanying a price breakout would provide stronger evidence for renewed demand.
Sustained low volume during price gains can signal caution, as rising prices unsupported by increased participation may lack conviction. Market watchers look for this confirmation when assessing the likelihood of a sustained rally.
Market catalysts and past performance
According to CoinGecko, HYPE posted a 40.5% surge within just four days in the third quarter of 2026 after Donald Trump stated that Michael Selig was working to bring Hyperliquid to the US market. Following this announcement, the token hit an all-time high of $98.
CoinGecko highlighted that the 40.5% jump reflected intense market interest triggered by high-profile endorsements and developments. Despite this, analysts underline that previous catalysts do not promise a repeat performance, with new highs depending on overcoming technical barriers and broader market conditions.
Hyperliquid is a decentralized exchange platform and protocol that enables the trading of cryptocurrencies through a non-custodial order book. It aims to offer efficient trading and deep liquidity without relying on centralized intermediaries.
Mini dictionary: Michael Selig, a prominent US lawyer specializing in digital assets regulation, is known for his work advising blockchain projects and exchanges navigating compliance issues.
CoinGecko’s report noted that HYPE soared 40.5% in four days after Donald Trump announced Michael Selig’s involvement in bringing Hyperliquid to the US, driving the token’s price to a record $98.
Currently, HYPE trades between resistance around $80.55 and support near $76. Clearing the immediate resistance levels, especially if paired with climbing volume, would bolster the chances of a renewed uptrend. Persistent weakness could open the door to further losses. In the context of ongoing volatility, traders remain attentive to price action and any coming announcements that could serve as market catalysts.
