Hyperliquid’s HYPE token is trading near $73.61–$73.84 on November 9, down about 1.14% on the day and roughly 24% below its October high near $97. The token is now testing a critical support zone between $73 and $76, where a long-term ascending trendline intersects with a former resistance area from June and July. Over the past week HYPE has slid about 16%, though its 30-day loss is closer to 12%, with market value near $18.5 billion.
The technical picture has weakened. The Relative Strength Index sits near 36, below the neutral 50 level, while the MACD remains negative. Analyst Nebraskangooner has highlighted a head-and-shoulders pattern beginning to break down, adding to bearish momentum concerns. HYPE has also slipped below its 50-day moving average near $81.64, while remaining above the 200-day average around $69.60, a level seen as the main long-term trend test.
Institutional flows have turned cautious. U.S. spot Hyperliquid ETFs posted $8 million in net outflows on November 6, the third consecutive day of withdrawals. Bitwise’s BHYP accounted for $7.1 million of outflows, while 21Shares’ THYP saw about $900,000 leave. From November 4 to November 6, total ETF outflows reached about $13.4 million, though the latest data was incomplete.
Nasdaq-listed Hyperliquid Strategies (PURR) reported spending approximately $1.58 billion to buy 25.9 million HYPE tokens, bringing its total holdings to about 38.9 million HYPE as of October 28 at a blended cost of $56.35 per token. The firm also reported $245.3 million in cash and cash equivalents and said it plans to expand its institutional trading infrastructure.
Exchange and on-chain signals remain mixed. Binance reopened HYPE and APT withdrawals on November 8 as part of its phased recovery from an October 29 security breach, removing a practical hurdle for holders. However, the Hyperliquidity Provider vault recorded $38.2 million in withdrawals, and a whale opened a short position worth about $33 million betting on further HYPE downside. On-chain activity remains strong: DefiLlama data shows $5.59 billion in 24-hour perpetual futures volume, $7.31 billion in open interest, and roughly $7.94 billion in total value locked. Fees reached $2.31 million over 24 hours and $86.45 million over 30 days, with much of that revenue directed toward HYPE buybacks.
Key resistance sits near $76, and a daily close above that could open a path toward $82.60 and the 50-day average. On the downside, a break below the 200-day support near $69.60 would put the longer uptrend at risk and expose the next floor around $63.80. If the $73 support fails, targets include $68–$70 and potentially $60–$65.
