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$HYPE was trading near $89.13 at the time of writing, down 4.5% over the past 24 hours and 5.4% over seven days.
The token had traded close to $93 earlier in the session before falling through $92 and $90, extending its retreat from the record high reached last week.
Large holder activity has been one of the main sources of selling pressure on $HYPE.
A wallet deposited 177,518 $HYPE, worth $16.08 million, into OKX and Bybit on Sept. 28, according to Lookonchain, while a separate wallet linked to Hypersphere Ventures sold 62,869 $HYPE for $5.78 million.
Exchange deposits do not necessarily mean the entire amount will be sold, but the transactions followed several large $HYPE transfers over the past week.
Multicoin Capital moved another $12.15 million worth of $HYPE to Coinbase Prime last week, according to crypto.news.
Its deposits since July 28 had reached 4.23 million $HYPE, worth $285 million at the time of the transfers.
Five other large addresses had begun unstaking $HYPE worth nearly $90.4 million.
Tokens leaving staking contracts can become available for transfers or sales once the unstaking process is completed.
Selling has coincided with liquidations in the $HYPE perpetual market.
Open interest on Hyperliquid stood near $1.86 billion early on Sept. 28, according to Coinglass, while the hourly funding rate remained positive at 0.0013%, meaning long positions were paying shorts.
$HYPE's fall followed a record high of $97.98 on Sept. 23. Historical prices from Coingecko show subsequent closes near $94.05, $92.10, $92.30, $92.61 and $91.68 through Sept. 27 as traders took profits after the run to the record.
Meanwhile, Binance’s recent spot listing has made it easier for $HYPE holders to sell through one of the market’s largest trading venues, adding another source of potential selling pressure as large holders take profits.
$HYPE is testing its first major support after falling from the $97.98 record high, with the daily 20-day EMA at $88.42 sitting just below the current price of $89.17. See below.
$HYPE/$USDT 1-day price chart. Source: TradingView.
A daily close below $88.42 would weaken that support and expose the 50-day EMA at $80.96, giving $HYPE a potential downside target near $81.
The 100-day EMA at $72.77 would become the next major support if selling pushes the token below $81, although price remains well above that level for now.
Daily RSI has fallen to 54.71 from above 70 during the September run and sits below its moving average at 61.25.
Momentum has therefore cooled considerably, but RSI remains above 50 and has not yet reached oversold territory, leaving room for sellers to push the price lower before the indicator reaches levels normally associated with heavy selling.
The 4-hour chart supports the risk of a move below $88. $HYPE has fallen through the main Fibonacci retracement levels from the move between $89.91 and $97.99, while MACD remains bearish. See below.
$HYPE/$USDT 4-hour price chart. Source: TradingView.
The MACD line stood at minus 0.742, below the signal line at minus 0.350, with the histogram negative at minus 0.392.
A break below the $88 to $89 area would therefore bring $80.96 into focus as the main downside target.
If $81 fails to hold, the daily 100-day EMA near $72.77 provides the next major technical level.
For $HYPE to reduce the immediate downside pressure, it would first need to reclaim $89.91.
Fibonacci resistance then sits near $91.81 and $93, followed by $94.92 and $96.26 before the $97.99 high.
Hyperliquid price has fallen below $90 on Sept. 28 as large $HYPE holders moved millions of dollars in tokens to exchanges while liquidations added selling pressure around a key leveraged long position.
$HYPE was trading near $89.13 at the time of writing, down 4.5% over the past 24 hours and 5.4% over seven days.
The token had traded close to $93 earlier in the session before falling through $92 and $90, extending its retreat from the record high reached last week.
Large holder activity has been one of the main sources of selling pressure on $HYPE.
A wallet deposited 177,518 $HYPE, worth $16.08 million, into OKX and Bybit on Sept. 28, according to Lookonchain, while a separate wallet linked to Hypersphere Ventures sold 62,869 $HYPE for $5.78 million.
Exchange deposits do not necessarily mean the entire amount will be sold, but the transactions followed several large $HYPE transfers over the past week.
Multicoin Capital moved another $12.15 million worth of $HYPE to Coinbase Prime last week, according to crypto.news.
Its deposits since July 28 had reached 4.23 million $HYPE, worth $285 million at the time of the transfers.
Five other large addresses had begun unstaking $HYPE worth nearly $90.4 million.
Tokens leaving staking contracts can become available for transfers or sales once the unstaking process is completed.
Selling has coincided with liquidations in the $HYPE perpetual market.
Open interest on Hyperliquid stood near $1.86 billion early on Sept. 28, according to Coinglass, while the hourly funding rate remained positive at 0.0013%, meaning long positions were paying shorts.
$HYPE's fall followed a record high of $97.98 on Sept. 23. Historical prices from Coingecko show subsequent closes near $94.05, $92.10, $92.30, $92.61 and $91.68 through Sept. 27 as traders took profits after the run to the record.
Meanwhile, Binance’s recent spot listing has made it easier for $HYPE holders to sell through one of the market’s largest trading venues, adding another source of potential selling pressure as large holders take profits.
$HYPE is testing its first major support after falling from the $97.98 record high, with the daily 20-day EMA at $88.42 sitting just below the current price of $89.17. See below.
$HYPE/$USDT 1-day price chart. Source: TradingView.
A daily close below $88.42 would weaken that support and expose the 50-day EMA at $80.96, giving $HYPE a potential downside target near $81.
The 100-day EMA at $72.77 would become the next major support if selling pushes the token below $81, although price remains well above that level for now.
Daily RSI has fallen to 54.71 from above 70 during the September run and sits below its moving average at 61.25.
Momentum has therefore cooled considerably, but RSI remains above 50 and has not yet reached oversold territory, leaving room for sellers to push the price lower before the indicator reaches levels normally associated with heavy selling.
The 4-hour chart supports the risk of a move below $88. $HYPE has fallen through the main Fibonacci retracement levels from the move between $89.91 and $97.99, while MACD remains bearish. See below.
$HYPE/$USDT 4-hour price chart. Source: TradingView.
The MACD line stood at minus 0.742, below the signal line at minus 0.350, with the histogram negative at minus 0.392.
A break below the $88 to $89 area would therefore bring $80.96 into focus as the main downside target.
If $81 fails to hold, the daily 100-day EMA near $72.77 provides the next major technical level.
For $HYPE to reduce the immediate downside pressure, it would first need to reclaim $89.91.
Fibonacci resistance then sits near $91.81 and $93, followed by $94.92 and $96.26 before the $97.99 high.
