Hyperliquid Holds Ground at $78 as Token Burns Reduce Supply
Hyperliquid (HYPE) has stabilized at $78 after buyers defended this area twice. Despite falling 1.35% in the past 24 hours, the token's market capitalization remains at $19.86 billion. The recent price action has placed HYPE under renewed market attention due to a combination of technical support and ongoing token burns.
A key technical resistance level lies above at $84, which would need to be reclaimed by HYPE to strengthen its bullish setup. A sustained move above this level could shift focus towards the next short-term target at $90. The zone between $78 and $84 is crucial for HYPE's next move.
In addition to technical analysis, Hyperliquid has been reducing its token supply through a series of burns. Recently, 32,770 HYPE coins worth approximately $2.65 million were permanently removed from circulation at an average price of around $81.01. This latest transaction brings the total reported lifetime burn to around 48.57 million tokens.