Hyperliquid’s native token HYPE is struggling to break above the $90 level as traders weigh weakening momentum indicators against strong market demand.
The token recently reached a new all-time high of $89.57 on Sep. 6, but has since entered a consolidation phase. Despite absorbing a major token unlock worth around $820 million, HYPE has managed to hold near its record levels, showing stronger resilience than many major cryptocurrencies during the recent market decline.
However, technical indicators suggest that the next move could depend on whether buyers can regain control near the current resistance zone.
Hyperliquid Price Consolidates Near Record Highs
At the time of writing, Hyperliquid was trading around $85.84, maintaining most of its gains from early September.
HYPE opened near $81.82 on Sep. 3, representing a gain of approximately 4.9% over the period. The token initially moved higher toward $88 before broader market selling pressure temporarily slowed the rally.
After recovering, HYPE reached its highest-ever price of $89.57 before entering a sideways trading pattern between roughly $84 and $88.
Buyers have repeatedly defended the $84.70–$85 area, while attempts to push beyond $87 have faced selling pressure.
The current price structure shows that bulls remain active, but momentum has weakened as traders approach the important psychological resistance level of $90.
MACD Turns Bearish as Momentum Slows
Technical indicators show signs that the recent bullish momentum is losing strength.
The daily Relative Strength Index (RSI) remains above neutral levels at around 62.98, suggesting that buyers still have control. However, the RSI has declined from its moving average, indicating reduced buying pressure.
Meanwhile, the Moving Average Convergence Divergence (MACD) indicator has turned bearish.
The MACD line has fallen below the signal line, with the histogram moving into negative territory. This suggests that short-term momentum is slowing, although it does not necessarily confirm a major trend reversal.
For HYPE traders, the current setup represents a battle between strong long-term demand and short-term technical weakness.
$820 Million Token Unlock Fails to Trigger Major Selling Pressure
One of the biggest concerns surrounding Hyperliquid was the release of approximately 9.92 million HYPE tokens allocated to core contributors.
The unlock represented around $820 million worth of tokens based on prices at the time, raising concerns that early holders could sell and increase market supply.
However, the expected selling pressure has not significantly impacted price action.
Only a limited amount of unlocked tokens reportedly moved toward exchanges or selling channels, allowing HYPE to maintain its position near record highs.
Another factor supporting demand has been Hyperliquid’s fee-funded assistance fund, which uses protocol revenue to purchase HYPE tokens from the market.
This mechanism creates a connection between platform activity and token demand.
Strong Trading Activity Supports HYPE Demand
Hyperliquid’s derivatives market has remained active, with open interest reaching approximately $14.3 billion.
High open interest indicates that traders continue to maintain significant positions on the platform.
While this supports liquidity and trading activity, it also increases the possibility of sharp price movements if leveraged positions are forced to close.
During the broader crypto market sell-off, HYPE briefly dropped toward $83.68 but recovered faster than many other assets.
External market factors, including rising oil prices, U.S. employment data, and higher Treasury yields, contributed to pressure across risk assets.
The broader crypto market experienced significant long liquidations during the period, but Hyperliquid showed relative strength.
HYPE Faces Strong Resistance Between $87 and $90
From a technical perspective, the $87–$90 region remains the key challenge for buyers.
The four-hour chart shows HYPE trading near its 20-period simple moving average around $85.91.
A sustained move above this level could allow bulls to challenge the $87 resistance zone and potentially retest the previous all-time high.
Important support levels include:
- $84.80 — 50-period moving average support
- $83.29 — 100-period moving average support
- $82 region — short-term downside support
- $80.70–$81.50 — major liquidity zone
The overall moving average structure remains bullish, with shorter-term averages positioned above longer-term averages.
The four-hour Aroon indicator also favors buyers, with the Aroon Up reading higher than Aroon Down, suggesting recent highs still carry more influence than recent lows.
Liquidation Zones Could Decide the Next Move
Market liquidity data shows large clusters of leveraged positions around important price levels.
A move above $87 could trigger short liquidations, potentially pushing HYPE toward the $88–$90 resistance zone.
On the downside, liquidity is concentrated around:
- $84
- $83.50
- $82
- $80.70–$81.50
If buyers fail to defend the $83.29 support level, the token could experience a deeper correction toward lower moving averages.
A daily close above $89.57 would place HYPE into price discovery territory and could open the path toward the psychological $100 level.
However, losing key support could weaken the bullish structure and expose lower targets.
Analysts Remain Cautious Around $90 Resistance
Market analysts are watching the $90 area closely.
Some analysts view the $84–$90 range as a major supply zone where sellers may continue defending positions.
A successful breakout above $90 could confirm renewed bullish momentum, while rejection from this region may lead to a broader correction.
The difference between a temporary pullback and a major trend reversal will likely depend on trading volume and whether buyers can maintain support levels.
What’s Next for Hyperliquid Price?
Hyperliquid remains in a strong overall trend, but the token is facing increasing resistance near its record high.
The immediate outlook depends on three key factors:
- Whether buyers can push HYPE above $87 and $90 resistance
- Whether support near $83–$85 continues to hold
- Whether broader crypto market conditions improve
For now, HYPE remains close to its all-time high, but declining momentum indicators suggest traders should watch the $90 breakout zone carefully.
A confirmed move above the previous high could restart the rally, while a failure to hold support may trigger a deeper short-term correction.
