Hyperliquid's native token HYPE climbed 3.9% over the past 24 hours to $56.78, as the project's reported push into the US derivatives market and ongoing demand from its HIP-3 markets continue to support the asset. The move brings HYPE back into a key technical zone that could determine whether the recent recovery extends.
According to a report from The Information on August 12, Hyperliquid is exploring a regulatory framework that would allow US-regulated firms to offer perpetual futures that trade and settle on its public blockchain. The project has reportedly engaged both the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) in discussions. Rather than opening its existing decentralized platform directly to US users—who are currently restricted—Hyperliquid is said to be considering no-action letters, regulatory guidance, or other structures that would let regulated companies use its infrastructure.
It is important to note that these talks do not constitute approval. The report focuses on whether regulated entities could eventually connect to Hyperliquid's blockchain under existing US derivatives rules. Recent regulatory developments provide some precedent: earlier this year, the CFTC authorized the first regulated perpetual futures products in the country, and Kalshi received clearance in May to offer perpetual-style contracts within the US derivatives framework.
Meanwhile, Hyperliquid's derivatives business is seeing elevated activity, with HIP-3 playing an increasingly significant role. HIP-3 allows external builders to deploy perpetual markets after meeting requirements that include staking 500,000 HYPE. This opens the infrastructure to contracts tied to stocks, commodities, and other assets beyond conventional crypto perpetuals. As more HIP-3 markets launch, the staking requirement locks additional tokens, while builders' demand for HYPE increases. Token buybacks also provide consistent demand: Hyperliquid uses a large portion of protocol revenue to purchase HYPE through its Assistance Fund, with reports estimating that roughly $141 million of $169 million in second-quarter revenue was used for buybacks.
HYPE price analysis: Can the rally extend?
On the daily HYPE/USDT chart, HYPE was trading around $56.89 on August 13, recovering from an early-August low near $52. The latest move has pushed the price back into a cluster of exponential moving averages (EMAs), where the next few daily closes could determine whether the recovery develops into a larger move.
The daily 20-day EMA sits at approximately $56.17, while the 100-day EMA is near $56.64. HYPE has moved above both levels, reclaiming two averages that had recently acted as resistance around the upper end of its consolidation. The 50-day EMA presents the next key level at roughly $58.38. A daily close above that level would place the price above the 20-day, 50-day, and 100-day EMAs simultaneously, and would also take HYPE beyond much of the range that has contained price since late July.
However, the EMA structure has not fully turned bullish. The 20-day EMA remains below the 50-day EMA, and price has only recently reclaimed the 100-day average. Failure to hold the $56.17 to $56.64 EMA area would put the current breakout attempt under pressure. Further down, the 200-day EMA stands near $50.88, with HYPE comfortably above that long-term average. The early-August decline stopped around $52 before buyers pushed price back toward $57.
The daily volume profile adds another layer to the support structure. A large concentration of historical trading activity is visible around the $40 to $45 region, with particularly heavy volume around $41. While that zone sits well below the current market price, it shows where a substantial amount of previous trading took place during HYPE's March-to-May consolidation.
Short-term breakout point
On the 4-hour chart, HYPE has reached the upper Bollinger Band at approximately $56.96 after moving above the band's middle line at $55.29. The lower band sits around $53.61. A sustained 4-hour break above the $56.96 upper band, followed by price holding above it or the band expanding higher, would support an acceleration in the current move. A rejection would instead put the Bollinger midpoint around $55.29 back into focus, with $53.61 forming the next dynamic support if selling pressure increases.
The Average Directional Index (ADX) provides an important qualification to the 4-hour move. The indicator stands at only 17.82, despite turning higher from its recent low. An ADX reading below 20 shows that the current trend remains weak, meaning the price advance has not yet developed the strength normally associated with a decisive directional move.
For HYPE, the combination makes the $56.96 to $58.38 region the immediate area to watch. The first level comes from the 4-hour upper Bollinger Band, while the second is the daily 50-day EMA. A move through both would remove two separate technical barriers and put the previous price structure around $60 to $62 back into play. On the downside, the daily 20-day and 100-day EMAs around $56.17 and $56.64 form the first support cluster. Below them, the 4-hour Bollinger midpoint at $55.29 and lower band near $53.61 provide additional levels before the early-August low around $52 and the daily 200-day EMA at $50.88.
For the current advance to develop into a stronger breakout, the 4-hour ADX would need to climb above 20, confirming a strengthening trend. Until then, the move remains tentative, and traders will likely watch the $57 to $58.38 zone for a decisive close. Meanwhile, broader crypto market sentiment remains mixed, with Bitcoin holding $65K as ETF inflows fail to break resistance, and Solana holds above $76 amid integration news. In the precious metals space, gold holds near a two-month high as PPI data could spark a breakout.
This article is for informational purposes only and does not constitute financial advice.
