Hyperliquid's HYPE token has gained 1.9% over the past 24 hours after finding support around the $75 to $77 region, offering buyers an opportunity to halt a price correction that began in late September. The rebound tests whether bulls can generate enough momentum to clear immediate resistance at $83 and target further upside.
Key Takeaways
- HYPE bounced 1.9% off key support near $75, a price level that previously anchored the token in mid-September before its record high.
- Reclaiming resistance at $83 is required to confirm a recovery toward $89, while a breakdown below $75 exposes the 200-day EMA at $67.50.
- Weekly trading volume across HIP-3 markets jumped 58% from $12.4 billion to $19.6 billion, despite total network open interest dropping 11% from its $9.1 billion peak on September 13.
- Macro headwinds persist as CME FedWatch data reflects a 9% chance of an immediate rate hike and over 75% expectation of a December increase amid oil prices above $100.
HIP-3 Volume Surges as Platform Open Interest Cools
Trading activity on Hyperliquid’s HIP-3 markets—which host non-cryptocurrency assets such as stocks and commodities—has shown notable resilience. While total open interest across the Hyperliquid blockchain fell roughly 11% from its September 13 peak of $9.1 billion, HIP-3 market activity expanded significantly. According to Hyperliquid Stats, weekly trading volume rose from $12.4 billion in the week ending October 4 to $19.6 billion the following week, representing a 58% increase. This surge in volume highlights growing interest in trading traditional asset classes on-chain, even as exchange infrastructure expands following developments like XT Exchange launching Hyperliquid copy trading.
Technical Outlook and Macro Economic Pressures
From a technical standpoint, HYPE faces a crucial hurdle at $83. A sustained breakout above $83 would improve short-term market structure and align with a potential target near $89. However, the Relative Strength Index (RSI) currently sits at 39, remaining below the neutral 50 threshold and confirming that sellers retain control. While the RSI is approaching its signal line, a bullish crossover alone does not confirm a trend reversal. Should support at $75 fail, technical analysts point to the 200-day Exponential Moving Average (EMA) near $67.50 as the next safety net.
Broader macroeconomic uncertainty also continues to weigh on risk assets as markets process volatility ahead of the Fed decision. With crude oil trading above $100 and inflation remaining elevated, CME FedWatch tool data indicates a 9% probability of a rate hike at the upcoming Federal Reserve meeting, with over three-quarters of surveyed analysts expecting a rate hike in December. A more hawkish stance from central bankers could constrain market liquidity and limit risk-on sentiment.
Why It Matters
The divergence between Hyperliquid's surging HIP-3 volume and declining network open interest illustrates how decentralized perpetual platforms are seeking growth beyond traditional crypto markets. While expanding into equities and commodities builds long-term platform utility, the immediate price trajectory of HYPE remains tied to technical breakout levels and broader monetary policy. Reclaiming $83 will be essential to establish whether real user demand can overcome prevailing macroeconomic headwinds.
