Hyperliquid’s HYPE token has struggled to recover above $75 on October 25 as declining trading activity, bearish technical indicators and heavy derivatives positioning keep investors watching
Hyperliquid’s HYPE token has struggled to recover above $75 on October 25 as declining trading activity, bearish technical indicators and heavy derivatives positioning keep investors watching for another sell-off.
SummaryAccording to crypto.news market data, HYPE traded around $75.47 at press time, up approximately 0.15% over 24 hours, with $651.2 million in trading volume. The token remained 3.65% lower over seven days and had lost 18.87% during the past month, following its September rally toward $98.
HYPE has spent recent sessions trying to stabilize after repeatedly failing to sustain gains above $80. The cryptocurrency traded between $74.53 and $76.82 during the reported 24-hour period, leaving buyers and sellers competing around the $75 region.
Although the daily price movement was relatively small, derivatives activity suggested traders remained cautious.
CoinGlass data provided showed futures trading volume falling 15.16% to $1.40 billion, while open interest declined 0.52% to $3.07 billion. Options volume, however, rose 93.84% to $2.11 million, with options open interest reaching $71.02 million.
The reported rise in options activity occurred from a considerably smaller base than futures trading. It therefore does not establish that options demand has overtaken HYPE’s perpetual futures market.
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A separate market snapshot estimated that 78.1% of tracked futures positioning was long, up 3.2 percentage points from the previous day. The figure depends on the positions and exchanges covered by the provider and does not represent every HYPE trader.
Heavy long exposure can leave leveraged positions vulnerable if prices decline and liquidation thresholds are triggered.
Despite the bearish price structure, spot exchange flows have shown sustained withdrawals.
On October 25, CoinGlass data indicated net HYPE outflows of approximately $2.47 million from centralized exchanges. Negative readings had appeared frequently during September and October, including several daily withdrawals ranging between $20 million and $30 million.
Hyperliquid spot netflows, source: CoinGlass
Exchange withdrawals can reduce the amount of cryptocurrency immediately available for trading on those platforms. They may represent transfers to private wallets, alternative trading venues or custodial accounts, rather than confirmed investor purchases.
The outflows have not prevented HYPE from retreating from its September high near $98.
As crypto.news previously examined whale transfers, large holders have continued moving tokens between exchanges and private wallets while institutional treasury purchases provide a separate source of demand.
Hyperliquid’s fee-funded token purchases remain another feature of its market structure. The protocol directs eligible trading fees toward its Assistance Fund, which purchases HYPE through the market.
By October 13, the fund had reportedly spent $1.36 billion repurchasing tokens, accumulating more than 48 million HYPE. Those purchases have continued alongside periods of falling prices.
The daily Hyperliquid price chart showed HYPE trading around $75.33. The token continued forming lower highs after its September rally, suggesting sellers still controlled the short-term trend.
The Relative Strength Index stood at 34.29, below its moving average of 39.57. With the RSI approaching the oversold threshold of 30, the indicator showed persistent selling pressure without confirming that a recovery had begun.
Hyperliquid price chart, source: crypto.news
The Moving Average Convergence Divergence indicator remained negative. Its main line stood at -2.635, below the signal line at -2.039, while the histogram registered -0.596.
Both MACD lines remained below zero, confirming that downward momentum had not reversed.
Meanwhile, HypedLaunches identified 70–75 as an important weekly support zone, followed by Fibonacci support near $65. The account placed major resistance between $90 and $100, with 150–200 presented as a possible longer-term scenario only after a confirmed breakout above $100.
$HYPE is approaching a critical point on the weekly chart.With the price trading around $76, several important technical levels are coming into focus.$65: Major Fibonacci support at the 0.618 retracement.$70–$75: Weekly support zone.$90–$100: Major resistance and… https://t.co/6W6pVefnyl
— HypedLaunches (@HypedLaunches) October 25, 2026
Another trader, Aman, warned that a developing head-and-shoulders pattern could expose HYPE to $50 if support around $75 fails. The pattern remains an analyst interpretation, not a confirmed breakdown.
Away from the price chart, Hyperliquid’s trading business continues generating fees that help finance its token repurchases.
Recent market estimates placed protocol fees at approximately $1.685 million over 24 hours and $54.3 million over 30 days. Those figures describe estimated protocol activity, not guaranteed returns for token holders.
The network’s AQAv2 revenue mechanism directs another category of eligible income toward the Assistance Fund, expanding the sources used for HYPE purchases.
Market participants are watching whether continued trading activity can sustain buybacks as futures positioning changes. Hyperliquid has previously attracted interest in HIP-3 markets, which allow approved developers to launch additional perpetual trading markets.
The latest technical readings place immediate resistance at $80, followed by $85 and $90. A daily close below $75 would bring $70 into focus, while recovering above $80 would be the first sign of improvement after several weeks of declining prices.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
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