HYPE Struggles to Break Above $64 as Derivatives Activity Hits Record

Hyperliquid's native token HYPE is currently trading at $60.40, struggling to break above the crucial resistance level of $64. The token has been consolidating in a falling wedge pattern, which could potentially turn bullish if buyers regain control. However, the decline in weekly active users from 190,000 in June to around 149,600 suggests that retail participation may be slowing down.

The rise in derivatives activity, with Open Interest hitting a record $5.7 billion, indicates growing interest in perpetual futures on the platform. This could put HYPE at risk of sharp price movements if leverage continues to build while user engagement remains weak.

If buyers can successfully push HYPE above $64, the next upside target would be the $72 area where the token saw heavy selling pressure earlier. However, a failure to break above this level could keep the token stuck in consolidation.