HYPE Token Sees Sharp Intraday Volatility with Record Trading Volume

On November 14, 2025, Hyperliquid's HYPE token experienced a significant intraday price drop followed by a bounce, with the token trading around $39 and showing a mild 1.7% 24-hour recovery. The event was marked by a sharp decline from near $42.5 to around $37–38, forming a V-shaped pattern as buyers stepped in aggressively at the $37 support level.

Trading volume surged to a record $1.2 billion in 24 hours, highlighting heightened market activity, while Hyperliquid's total value locked remained steady at $1.8 billion. Despite the volatility, broader cryptocurrency markets, including Bitcoin and Ethereum, showed stability, with no systemic risks or disruptions detected in Hyperliquid's on-chain data.

No official statements were issued by the Hyperliquid team or influential figures, leading analysts to attribute the movement to market-driven factors and reactive trading sentiment. Historical data indicated similar intraday drops in October and September 2025, with no exploits found in the protocol. Analysts noted that HYPE's relative strength outperformed other altcoins like Solana, Cardano, Chainlink, and BNB, which fell 3–7%, suggesting fresh inflows into the Hyperliquid ecosystem.

Technical analysis revealed that the bounce lacked strong volume confirmation, with resistance expected around $40. Market participants are closely watching for a daily close above $39.5 to signal bullish control, while a break below $37 could lead to deeper pullbacks.