The price of HYPE has surged after finding strong support at $76, pushing the token close to its previous all-time high. This renewed strength follows an expansion of Hyperliquid’s lending infrastructure and significant purchases of HYPE by major institutional asset managers. These developments have brought attention back to HYPE’s technical levels and its potential for further gains.
Key support holds as HYPE recovers
Earlier this week, HYPE dropped to a low of around $75.2 before quickly recovering and closing at $85.18 on September 17. This strong bounce established the $76 level as a critical support area for traders and analysts monitoring the market.
With HYPE now trading near its previous all-time high of approximately $89.60, market participants are watching to see if the token can break into new price territory. Sustained movement above this level would push HYPE into price discovery, while failure to do so could bring the $76 support back into play.
Crypto analyst Bitcoin Meraklisi emphasized that the reaction at the $76 level could keep upward momentum intact—provided that broader market conditions remain favorable.
As the price rebounds from the $76 support area, the next major test for HYPE is the previous all-time high near $89.60. A strong breakout above this could mark the start of a new upward phase, while a rejection would highlight the importance of support in the current structure.
Hyperliquid launches manual borrowing
Hyperliquid, a decentralized finance platform, has introduced manual borrowing as a new feature within its existing HyperCore infrastructure. This allows users to supply HYPE or Bitcoin as collateral and borrow major quote assets like USDC and USDT.
Hyperliquid stated that both manual borrowing and portfolio margin rely on its core HyperCore technology. On the first day of the new system, users borrowed a combined $269 million, reflecting strong demand for the service.
The addition of borrowing expands the use cases for HYPE within the Hyperliquid ecosystem. Users can now generate interest by borrowing and supplying supported assets, with rates based on overall platform utilization.
This integration creates a direct link between HYPE’s market value and activity across Hyperliquid’s financial products. While higher usage as collateral can increase demand for HYPE, greater borrowing volumes do not automatically translate into price appreciation.
Mini dictionary: Hyperliquid is a decentralized exchange and financial platform featuring on-chain derivatives, lending, and staking solutions. HyperCore is its underlying modular infrastructure for collateral management and margin operations.
Institutional activity and key price levels
Recent on-chain data highlights notable purchases of HYPE by institutional asset managers. Arkham reported that 21Shares acquired approximately $2.4 million worth of HYPE, marking its first such purchase in 20 days. Bitwise, another major fund, bought around $1.9 million in HYPE during the same period.
These acquisitions provide additional context to the recent price rally and indicate growing institutional exposure at current prices. However, analysis shows that the HYPE price recovery began before these wallet movements, suggesting multiple factors are contributing to the positive momentum.
While wallet activity is significant, it is viewed as just one aspect of the market landscape. Large purchases alone do not determine the future trajectory of HYPE’s price.
| Institution | HYPE Purchase Amount | Timing |
|---|---|---|
| 21Shares | $2.4 million | First purchase after 20 days |
| Bitwise | $1.9 million | Recent |
From a technical perspective, the $76 support area remains pivotal, while resistance near $89.60 and the $90 psychological level define the upper end of the current range. A breakout above these levels would indicate the start of a new price discovery phase, while a reversal could trigger another test of lower supports.
Traders are watching whether HYPE can close above the $89.60-$90 level, as surpassing this resistance would mark a change in market structure and set the stage for further upside. Failure to do so may signal renewed pressure on the $76 support.
As market volatility persists, the next move for HYPE will depend on its ability to hold above key support and break through established resistance. Ongoing expansion at Hyperliquid, combined with high-profile institutional purchases, may continue to influence short-term price trends.
