Hyperliquid's native token HYPE retreated more than 3% over the past 24 hours, sliding from its all-time high as renewed large-holder transfers to Coinbase Prime stoked selling pressure. The token traded near $93.80 at the time of writing, after dipping briefly below $92 during the session.
Despite the pullback, HYPE remains up 18.4% over the past seven days and 16.1% over the past month. The decline follows a run to a record high of $97.98 on September 23, a level that came after a roughly 25% surge from $78 on September 17. Sellers emerged just below the psychological $100 mark.
Whale activity raises supply concerns
On-chain analytics platform Lookonchain reported that Multicoin Capital transferred another 130,331 HYPE, worth $12.15 million, to Coinbase Prime after a one-week pause. Since July 28, Multicoin has deposited approximately 4.23 million HYPE, valued at $285 million, to the institutional custody and execution platform. While transfers to Coinbase Prime do not confirm an outright sale, they draw attention to the volume of tokens being moved by large holders.
Additional supply pressure may be building from other whales. Lookonchain flagged on September 24 that five addresses had initiated unstaking of a combined 983,600 HYPE, worth roughly $90.44 million. The largest of these addresses began unstaking about 391,800 HYPE, valued near $36 million. Hyperliquid imposes a seven-day waiting period on unstaking, meaning these tokens would become available around October 1 and cannot be sold immediately.
Derivatives positioning weakens
Derivatives data adds to the cautious outlook. Approximately $3.30 million in HYPE long liquidations occurred over 24 hours, representing about 93% of the token's total liquidations. Open interest fell by roughly $74 million over two days, indicating that leveraged positions were being closed as the price retreated from its peak.
The broader crypto market has also seen weakness, with Bitcoin pulling back from recent highs. HYPE entered the session with larger recent gains, still up more than 18% over seven days even after the drop.
Technical levels to watch
On the daily chart, HYPE remains above its key exponential moving averages (EMAs). The 20-day EMA sits at $87.12, while the 50-day, 100-day, and 200-day EMAs are at $79.21, $71.24, and $60.50, respectively. The bullish alignment of these averages suggests the longer-term trend remains intact, but a daily close below the 20-day EMA could open the door to the 50-day EMA near $79.21.
The daily Relative Strength Index (RSI) has cooled to 62.84 after moving above 70 during the recent rally. While still above the neutral 50 level, the retreat from overbought conditions indicates that buying momentum has eased.
On the 4-hour chart, Fibonacci retracement levels drawn from the September low of $75.19 to the $98.04 high place the 23.6% retracement at $92.65. HYPE was trading just above this level, making it the first support to watch. A break below could expose the 38.2% retracement at $89.31, followed by the 50% level at $86.62 and the 61.8% retracement at $83.92. A deeper pullback might target the 78.6% level around $80.08.
The MACD on the shorter timeframe has turned bearish, with the MACD line at 0.732 below the signal line at 1.319, and the histogram at minus 0.587. This crossover signals that momentum has shifted in favor of sellers following the rejection near $98.
If HYPE holds above $92.65, it could remain within the upper part of its recent range. A recovery above the $94–$95 area would bring the record high of $98.04 back into focus, with a breakout potentially targeting the $100 psychological level. Conversely, losing $92.65 would likely lead to tests of $89.31 and $86.62, the latter forming a support zone with the daily 20-day EMA around $87.12.
This article is for informational purposes only and does not constitute financial advice.
