Hyperliquid's native token HYPE fell below the $90 level on Sept. 28, trading near $89.13 and down 4.5% over the prior 24 hours. The decline extends a retreat from the token's record high of $97.98 reached on Sept. 23, as large holders moved significant amounts to exchanges and leveraged long positions were liquidated.
On-chain data highlighted notable selling pressure. A wallet deposited 177,518 HYPE worth $16.08 million into OKX and Bybit, while a separate wallet linked to Hypersphere Ventures sold 62,869 HYPE for $5.78 million. Multicoin Capital also moved $12.15 million worth of HYPE to Coinbase Prime last week; its deposits since July 28 reached 4.23 million HYPE worth roughly $285 million at that time. Five other large addresses began unstaking nearly $90.4 million in HYPE, which could become available for sale once unstaking completes.
Liquidation activity has compounded the downward move. One large long position was liquidated for $1.06 million, and trader 0x1add saw 11,796 HYPE liquidated. Perpetual open interest on Hyperliquid stood near $1.86 billion, with a positive hourly funding rate of 0.0013%, meaning longs were paying shorts. Traders are watching the $88.50 liquidation price as a pivotal threshold, with a break potentially triggering cascading liquidations.
Technically, HYPE is testing the daily 20-day EMA at $88.42. A daily close below that level could expose the 50-day EMA at $80.96 and then the 100-day EMA at $72.77. The daily RSI has cooled to 54.71 from above 70, while the four-hour MACD remains bearish. For upside relief, HYPE must reclaim $89.91, with Fibonacci resistance near $91.81 and $93 before the $97.99 high.
