HYPE Token Struggles at $64 as Derivatives and On-Chain Activity Diverge
Hyperliquid's native token HYPE is attempting to recover after weeks of corrective price action. Buyers are eyeing a breakout above $64, a resistance zone that has repeatedly rejected buyers over the past month.
The token has been trading within a falling wedge pattern, often associated with bullish reversals. Lower highs and lower lows have gradually lost momentum, with buyers consistently defending the $56-57 support zone.
Price is currently around $60.40, just below both the wedge's upper trendline and the $64 horizontal resistance. Momentum indicators suggest selling pressure is easing, but a bullish crossover has yet to materialize.
Derivatives activity remains strong, with Open Interest climbing to a record $5.7 billion. However, on-chain activity has cooled, with weekly active users declining from nearly 190,000 in early June to around 149,600.