HYPE, the native token of Hyperliquid, climbed more than 3% in the last 24 hours, rebounding from lows near $77 to trade around $81 on September 14. This recovery followed significant buying activity after Hyperliquid Layer 1 (L1) moved up in the blockchain total value locked (TVL) rankings, overtaking Arbitrum to claim the seventh position.
Hyperliquid advances in TVL rankings
Both Hyperliquid and Arbitrum reported a TVL near $1.40 billion during this period. According to MSB Intel, Hyperliquid’s protocol TVL reached $6.73 billion, marking an 11.6% increase over the past 30 days.
Hyperliquid is a decentralized finance (DeFi) protocol and L1 network focused on bringing perpetual futures markets onto the blockchain, offering traders decentralized derivatives products.
While Hyperliquid’s TVL growth has bolstered investor sentiment, attention is also fixed on the protocol’s push to enter the US derivatives market. Kraken’s parent company, Payward, proposed a plan in late August for its subsidiary Bitnomial to offer registered US users access to crypto perpetual futures linked to Hyperliquid’s decentralized exchange and L1 infrastructure.
Payward has presented this structure to the Commodity Futures Trading Commission (CFTC). The firm still awaits regulatory approval. These discussions have involved Hyperliquid representatives, the CFTC, and the Securities and Exchange Commission, centering on possible regulatory guidance or exemptions that would enable US-regulated firms to offer perpetual futures directly on Hyperliquid’s blockchain.
Mini dictionary: Perpetual futures are derivative contracts that allow traders to speculate on the price movement of an asset without an expiry date. Unlike traditional futures, they can be held indefinitely, and prices are kept in line with the underlying spot market using funding rates.
Regulatory activity continued into September, with the Hyperliquid Policy Center filing an amicus brief on September 9 in support of the CFTC in a lawsuit brought by CME Group regarding the regulator’s decision to permit perpetual futures in the US. The Hyperliquid Policy Center called for the dismissal of CME’s lawsuit against the CFTC.
| Chain | TVL | Ranking Position |
|---|---|---|
| Hyperliquid | $1.40 billion | 7th |
| Arbitrum | $1.40 billion | 8th |
HYPE’s price action and token unlock
The latest HYPE price action also followed a token unlock on September 6, when 433,419 HYPE allocated to core contributors became available, representing 0.19% of the floating supply. This event initially triggered selling pressure, pushing HYPE from its September high near $89 down to $77, but the token has since retraced to above $80 as buyers absorbed the released supply.
HYPE remains about 9% lower over the past week, reflecting the market’s response to both the token unlock and evolving regulatory developments, but the rebound above $80 suggests renewed buyer confidence.
Technical outlook for HYPE
On the 4-hour chart, HYPE trades near $80.85 after recovering from the $77 area. The price currently rests above the 20-period exponential moving average (EMA) at $79.82, with the 200 EMA providing deeper support at $76.92. The 100 EMA at $80.91 and 50 EMA at $81.27 create short-term resistance directly above the current level.
A 4-hour close above $81.27 could pave the way for an advance toward $84. If HYPE clears that level, it may target $86 next, with the September high around $89 following as the next major resistance.
The 4-hour Commodity Channel Index (CCI) stands at roughly 104, turning positive after much of the recent corrective move saw the indicator below zero. The associated CCI EMA remains around -23, highlighting the early stages of a potential momentum shift.
On the daily chart, HYPE is trading close to $80.71, just under its nine-day simple moving average (SMA) at $81.96. Resistance between $81 and $82 remains the main short-term hurdle, with the daily Relative Strength Index (RSI) at 53.8. The RSI fell from over 70 during the recent high, now resting above 50 but below its moving average at 59.8.
If HYPE breaks above $82 and the daily RSI returns above 60, the token could see upside toward $84, $86, and even $88-$89. On the downside, a move below the 20 EMA at $79.82 brings the $78 area into focus, with the $76.90-$77 zone acting as major support. Falling below this could open the path to $74-$75.
