Hyperliquid's native token, HYPE, has climbed roughly 2% over the past 24 hours to $86.05, recovering from an intraday low near $81.82 and moving back toward its record high around $89. The resilience comes despite a scheduled token unlock earlier this month that released nearly $820 million worth of HYPE into circulation.
Record open interest and buybacks underpin price
According to Hyperliquid market data, open interest across the platform has reached a record $14.3 billion, after increasing by roughly $3.57 billion over the past month. Much of this activity has been concentrated in the core perpetual markets, while open interest in markets deployed through HIP-3 has declined.
Approximately 97% of fees generated by the core perpetual market are routed toward HYPE buybacks, while builders using HIP-3 can retain up to half of the fees from markets they deploy. The increase in core perpetual open interest has coincided with continued purchases of HYPE.
During the latest 24-hour period, Hyperliquid repurchased and burned 15,350 HYPE, worth roughly $1.32 million, at an average price of $86.17. Cumulative burns have reached approximately 48.45 million HYPE, equivalent to 4.84% of the token's maximum supply. This buyback mechanism provides a direct link between protocol trading activity and recurring demand for the token.
Unlock concerns fade
The large unlock, scheduled for September 6, had raised concerns that additional supply could hit the market. However, HYPE subsequently climbed toward $89. Historical data from previous unlocks showed that only a small portion of unlocked HYPE was transferred to exchanges, limiting immediate selling pressure.
Meanwhile, trading access has expanded as Hyperliquid attracts users from Base. Coinbase began directing Base App users toward Hyperliquid in mid-August, providing another route into the protocol's perpetual markets.
Hyperliquid's potential entry into the regulated US derivatives market has also remained part of the token's recent price narrative. The protocol has explored ways for US companies to offer perpetual contracts that trade and settle on Hyperliquid, including discussions around regulatory guidance and no-action relief from the Commodity Futures Trading Commission and Securities and Exchange Commission.
Technical analysis: HYPE eyes $90 breakout
HYPE's daily chart shows price holding around $86 after climbing from a close near $52 in early August. The move accelerated in the second half of August, taking the token through its previous June peak around $75 before reaching the $89 area.
The Average Directional Index (ADX) has climbed to 54.58 on the daily chart, indicating a strong trend. Chaikin Money Flow remains positive at 0.15, showing that buying pressure has not reversed into net selling despite the pullback from $89.
The immediate resistance zone sits between $88 and $90, where HYPE has repeatedly stalled during the past several sessions. A daily close above $90 would leave little visible historical resistance above the token and could open a move toward $95, followed by the psychological $100 level. Failure to break $90 could keep HYPE trading inside its recent range, with first support around $82 to $83.
On the 4-hour chart, HYPE has recovered above its 50-period simple moving average at $84.75 after briefly trading below it. The 100-period SMA sits at $83.23, placing two moving-average supports within roughly $3 of the current price. The 200-period SMA at $72.15 remains well below both shorter averages, preserving the bullish ordering that developed during HYPE's August run.
The Commodity Channel Index has recovered to -1.68 after falling below -100 during the September 8 pullback. A move through $89-$90 with CCI returning firmly into positive territory would support an attempt at $95 and then $100. At the current price of roughly $86, reaching $100 would require an increase of roughly 16%.
If HYPE loses the 50-period SMA at $84.75, the 100-period SMA around $83.23 becomes the next support to watch. A 4-hour close below $83 would expose the recent low near $81.82, while a break below that level could bring $78-$80 back into play.
For broader context on the crypto market, see our coverage of PURR token's record high and Ethena's unlock overhang removal.
This article is for informational purposes only and does not constitute financial advice.
