What to Know
- Hyperliquid trading volume nearly doubled while HYPE dropped toward critical $50 support as traders aggressively repositioned across major exchanges.
- Long liquidations reached $15.3 million while technical indicators kept sellers in control despite stronger market participation across spot and derivatives.
- Buyers now watch the 200-day EMA near $50 for signs of either recovery or a deeper correction after volume surged.
Hyperliquid’s native token HYPE has recorded a dramatic jump in trading activity even as its price moved lower, signaling that traders are actively reshuffling positions instead of building clear buying momentum. Exchange data showed daily trading volume nearly doubled across major platforms, while HYPE fell about 8% and traded near the $55 level.
Binance accounted for the largest share of activity with more than $500 million in daily HYPE trading volume. Moreover, Hyperliquid, LBank, Bybit, and OKX also posted elevated trading activity, reflecting stronger participation across both spot and derivatives markets.
The contrast between rising volume and declining price suggested that market participants remained divided over HYPE’s short-term direction. Rather than signaling broad accumulation, the latest figures pointed to aggressive buying and selling as volatility returned.
Long liquidations dominate as technical support comes into focus
Liquidation data added another layer to the recent market movement, with around $15.3 million worth of positions wiped out over the past 24 hours. Nearly all of those losses came from long traders who anticipated a rebound before price confirmation. Meanwhile, short liquidations remained minimal, indicating that bearish positions largely stayed intact despite the increase in trading volume.
Technical indicators also reflected continued weakness as HYPE slipped below its 20-day, 50-day, and 100-day exponential moving averages. Besides, sellers rejected its attempt to reclaim the 100-day EMA near $57, turning that level into resistance.
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Source: TradingView
Momentum indicators supported the cautious outlook. The Relative Strength Index dropped to around 35, approaching oversold territory without reaching an extreme reading.
Meanwhile, the 200-day EMA near $50 has become HYPE’s key support level. A successful defense could trigger a recovery toward the $57 to $61 range. However, losing that level could extend the correction and erase more of HYPE’s gains from the first half of 2026.
Conclusion
At the moment, trading activity has returned to Hyperliquid in a meaningful way, but price action has yet to confirm a recovery. Market participants will likely monitor the $50 support closely, as its outcome could determine whether the latest surge in volume marks capitulation or another stage in the ongoing decline.
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