Hyperliquid's native token HYPE is facing two layers of caution on Aug. 24, 2026. On-chain data shows Multicoin Capital moved 106,110 HYPE tokens worth approximately $8.41 million to Coinbase Prime, according to Onchain Lens. Large transfers to exchange-linked wallets are often read by market participants as potential sell preparation, though the move may also represent an OTC transaction, institutional custody, staking, or other operational activity.
The transfer comes amid wider attention on Hyperliquid's high-performance decentralized exchange. HYPE has been volatile since launch, and major investor movements can influence sentiment. At the time of writing, HYPE's price has not shown a dramatic reaction, but traders are monitoring Multicoin Capital's wallet for further activity. Historical examples show exchange deposits by large holders sometimes precede selling, while similar moves have also been custody arrangements.
Separately, technical analysis is flashing caution. HYPE pushed to $83 before retreating, but the weekly Relative Strength Index printed a lower peak than the prior rally, forming a classic momentum divergence. This indicates the latest surge had weaker buying pressure. The key zone is $77–$78, former resistance now being tested as support. A weekly close below that area could open a move toward $71–$72, followed by Fibonacci supports at $67 and $63. A weekly close back above $83 would invalidate the bearish warning.
Hyperliquid's fundamentals offer some cushion. The platform generated about $6.2 million in protocol fees on Aug. 23, and a portion of those fees flows into the Assistance Fund, which buys HYPE from the open market. These buybacks do not prevent sell-offs but can create structural demand. Overall, the chart shows neither a confirmed breakdown nor a clear trend extension, leaving the $77–$78 support test as the key signal for HYPE's next move.
