Hyperliquid's native token HYPE has climbed more than 3% over the past 24 hours, recovering from a low near $77 to trade around $81. The bounce comes as the protocol's total value locked (TVL) continues to climb, and as regulatory efforts to enter the US derivatives market gain attention.
TVL growth and market position
According to MSB Intel, Hyperliquid's TVL stands at $6.73 billion, up 11.6% over the past 30 days. The Layer 1 network recently moved ahead of Arbitrum in chain TVL rankings, now sitting at seventh place. Both networks were roughly at $1.40 billion in TVL at the time of the shift, though Hyperliquid's growth has since accelerated.
This expansion has helped fuel buying interest in HYPE, which had fallen from its September high near $89 to around $77 before the latest recovery.
Regulatory developments in US derivatives
Hyperliquid's push to gain access to the US derivatives market remains a key focus for traders. Kraken parent Payward has proposed a structure under which its Bitnomial subsidiary would offer registered US users crypto perpetual futures tied to markets on Hyperliquid's decentralized exchange and Layer 1 network, as reported by Bloomberg in late August.
Payward has presented the plan to the Commodity Futures Trading Commission (CFTC), though regulatory approval is still pending. The proposal follows discussions involving Hyperliquid representatives and both the CFTC and the Securities and Exchange Commission over possible pathways for regulated US firms to offer perpetual futures that trade, clear, and settle on Hyperliquid's blockchain. Options under discussion have included regulatory guidance, exemptions, and no-action relief, according to The Information.
Regulatory activity continued into September. On Sept. 9, the Hyperliquid Policy Center filed an amicus brief supporting the CFTC in a lawsuit brought by CME Group over the regulator's decision to allow perpetual futures in the US market. The group asked the court to dismiss CME's case.
Token unlock and supply dynamics
HYPE's recovery also follows the Sept. 6 token unlock, which released 433,419 HYPE allocated to core contributors, equal to 0.19% of the floating supply at the time. This created potential selling pressure as previously locked tokens became available. However, the price has since returned above $80, indicating that buyers have absorbed enough of the available supply to reverse part of the decline.
Despite the bounce, HYPE remains roughly 9% down over the past seven days.
Technical analysis: resistance and support levels
On the 4-hour chart, HYPE is trading around $80.85 after bouncing from the $77 area. Price has moved above the 20-period exponential moving average (EMA) at $79.82, while the 200 EMA sits lower at $76.92. The 100 EMA at $80.91 and 50 EMA at $81.27 now sit directly above the price.
A 4-hour close above $81.27 would clear both averages and could open a move towards $84. A break above $84 would put $86 in view, followed by the September high around $89.
The 4-hour Commodity Channel Index (CCI) has climbed to around 104 after spending much of the recent decline below zero. Its EMA remains near -23. The move above +100 shows that buying momentum has returned on the 4-hour timeframe, but HYPE has yet to clear the $80.91-$81.27 resistance formed by the two EMAs.
On the daily chart, HYPE is trading near $80.71 and remains below its nine-day simple moving average (SMA) at $81.96. The SMA sits close to the resistance already visible on the 4-hour chart, placing the main short-term barrier between roughly $81 and $82.
Daily Relative Strength Index (RSI) stands at 53.8 after falling from above 70 during HYPE's move towards $89. RSI remains above 50 but below its moving average at 59.8. A return above 60 alongside a price break over $82 would support a move towards $84 and $86, with $88-$89 above them.
If HYPE falls back below the 4-hour 20 EMA at $79.82, the next support sits around $78. The 200 EMA at $76.92 lines up closely with the recent $77 low, making $76.90-$77 the main support below it. A break under that area could send HYPE towards $74-$75.
For broader market context, Bitcoin's recent reclaim of $80K has also influenced sentiment across crypto assets. Meanwhile, Solana's 17% weekly surge shows that altcoins are seeing renewed interest. However, traders remain cautious as XRP's reclaim of $1 was met with hesitation.
This article is for informational purposes only and does not constitute financial advice.
