Hyperliquid’s HYPE token has been caught between a key support zone and renewed competition, with traders watching whether a bounce from the $75–$80 area can carry toward the $83 resistance level. The token closed near $77.07 on Oct. 25 after briefly trading above $80 earlier in the week, according to historical data cited by CoinW and CoinCodex. A three-day slide from roughly $80.57 on Oct. 21 to about $76.66 by Oct. 24 put the lower boundary back in focus, while an Oct. 24 low near $74.64 showed buyers defending the zone.
In a post on X, crypto analyst Altcoin Sherpa described HYPE’s recent performance as relatively weak, while maintaining a favorable longer-term assessment. Technical analysts argue a sustained move below $75 could expose the $70 region, whereas reclaiming $80 could shift attention to $82 and possibly $89. The Relative Strength Index remains near 39, below the neutral 50 level, suggesting sellers still hold an advantage despite the recent rebound.
Competition from Pump.fun added another layer to the revenue narrative. DefiLlama’s Oct. 24 snapshot showed Pump.fun generating approximately $1.98 million in daily revenue, narrowly above Hyperliquid’s $1.96 million. The gap was only about $20,000. However, Hyperliquid retained a weekly edge of roughly $14.64 million versus Pump.fun’s $14.48 million. The comparison highlights different DeFi activity sources: Pump.fun earns from token launches and trading fees, while Hyperliquid focuses on perpetual futures, spot activity and protocol operations.
Institutional positioning in HYPE also remains closely watched. Crypto commentator Dami-Defi claimed Grayscale’s HYPE fund held about 2.29 million tokens, with nearly 89% staked. Grayscale’s own disclosure showed approximately 2.18 million HYPE tokens as of Sept. 25, with 90.83% participating in staking. The distinction matters because staking reduces immediately liquid supply without guaranteeing higher market prices.
Hyperliquid’s HIP-3 markets showed resilience despite broader open interest declines. Blockchain open interest fell roughly 11% from its Sept. 13 peak of $9.1 billion, but weekly HIP-3 volume rose about 58%, from $12.4 billion in the week ending Oct. 4 to $19.6 billion the following week. HIP-3 enables trading of assets outside crypto, including stocks and commodities.
Looking ahead, traders are monitoring the Federal Reserve’s upcoming interest rate decision. CME FedWatch data shows a 9% probability of a rate increase at the meeting, with more than three-quarters of surveyed analysts expecting a hike in December. Higher inflation readings and oil prices above $100 have added uncertainty, and a restrictive policy stance could pressure risk assets, including HYPE. For now, the immediate focus remains whether buyers can defend the $75–$80 support zone and push HYPE above $83.
