Hyperliquid’s HYPE token has pulled back from its late-September record near $98.04 and is now testing the $86.3–$86.5 support zone amid heavy whale activity. OKX historical data shows HYPE closed around $86.33 on September 29 after an intraday low near $85.64, with the token trading in the mid-$80s on September 30.
According to TradingView analyst Sean78808, $86.3–$86.5 is an immediate downside decision zone. A reclaim of $87.2–$87.5 could bring the $88.2–$89 resistance area back into focus, while a sustained break below support may expose $84–$84.5. The analyst cautioned against chasing current lows.
On-chain flows are creating competing pressures. Lookonchain data showed one wallet transferred 177,518 HYPE, worth about $16.08 million, to OKX and Bybit, while a Hypersphere Ventures-linked wallet sold 62,869 HYPE for about $5.78 million, realizing roughly $2.13 million in profit. Multicoin Capital also moved 130,331 HYPE, about $12.15 million, to Coinbase Prime on September 24, bringing its cumulative transfers to about 4.23 million tokens since July 28. Exchange deposits do not confirm immediate selling, but they increase available supply.
Offsetting some of that supply, Hyperliquid Strategies purchased 494,200 HYPE worth about $45.8 million in late September, extending its one-month accumulation to roughly 5.51 million tokens and total holdings to about 35.1 million HYPE, valued near $3.2 billion. Five whales were also reported to have begun unstaking about $90.4 million worth of tokens.
The broader market is watching the U.S. PCE price index release on September 30, with July annual PCE inflation at 3.7% and core PCE at 3.3%. The data could influence HYPE volatility by shifting expectations around Federal Reserve policy, liquidity, and risk assets.
