Hyperliquid’s HYPE token dropped about 4% on Saturday, November 14, 2026, to roughly $68.81, slipping below its 200-day exponential moving average near $69.56 and landing on the 0.618 Fibonacci retracement at $68.68. The decline extends a two-week sell-off from above $90, erasing 61.8% of the climb from the low $50s to the $97 peak. Both weekly and daily timeframes now converge around the $70 area: the weekly rising channel floor, the daily 0.618 retracement, and the upper boundary of the daily descending channel all sit within a few cents of the same level.
Momentum gauges reflect the pressure. The weekly RSI has fallen to 49.42, its first reading below 50 since the first quarter, while the daily RSI at 31–33 sits just above oversold territory. A daily close back above $69.56 could open a recovery path toward $74.10 and then the $79.52–$79.86 resistance zone. A close below $68.68 would expose next supports near $64.59 and $60.96. Analysts noted that the next two closes — tonight’s daily candle and Sunday’s weekly close — will determine whether the year-long uptrend remains intact or breaks down.
The technical test comes despite a strong third-quarter report from the Hyperliquid Research Collective. Open interest rose 79.9% during Q3 to about $16.8 billion, with the platform surpassing Kraken and Bybit on August 12 and OKX on September 17 in tracked open interest. Matched trading volume reached $730.6 billion, up 9.3% from Q2, while protocol revenue climbed 21.7% to $190.9 million. The Assistance Fund spent $148.7 million buying HYPE at an average price of about $72.93, above current levels, meaning new fee-driven purchases now acquire more tokens per dollar.
Still, the broader backdrop remains challenging: Bitcoin traded near $67,000 and Ethereum around $1,850, both still under pressure, reducing the likelihood that a support cluster can absorb market-wide selling. Hyperliquid also recorded roughly $953 million in net bridge outflows in Q3 after two quarters of inflows, attributed partly to profit-taking. US regulatory approval via Payward’s Bitnomial exchange could eventually add American volume, but that route is still pending.
