HYPE Pulls Back After Testing Peak

Hyperliquid's native token, HYPE, tested an all-time high of $82.52 on August 22nd, surpassing the $80 level. However, the price subsequently retreated to $78.24, experiencing a 3.57% drop in 15 minutes. It is currently trading around $79.56, with a 24-hour increase of 8.91%.

The primary trigger for the rise was President Trump's statement at a crypto summit in the White House. Trump said that CFTC Chairman Michael Selig was working to bring the Hyperliquid platform to the US "in a fully compliant and legal manner." The CFTC's Innovation Advisory Committee meeting on August 20th served as a platform for discussing the compliance framework for on-chain derivatives markets and Hyperliquid.

Trump also urged lawmakers to pass the CLARITY Act. This law could provide regulatory clarity for platforms like Hyperliquid by giving a clear answer to the question of whether digital assets are securities or commodities. Coinbase's integration of Hyperliquid with its Base app has given the platform broader access to perpetual futures markets.

Open positions in the HYPE derivatives market have reached approximately $3.01 billion. Liquidations of approximately $43.21 million occurred in the last 24 hours, with $37.86 million of that being short positions. The funding rate is positive, above the 30-day average, indicating that long positions are dominant.

However, behind the pullback from the peak lies institutional profit-taking. A wallet linked to Multicoin Capital transferred 197,560 HYPE (approximately $14.54 million) to Coinbase. Onchain analysis suggests this transaction could signal a potential sell-off.

Another notable development is that a loracle.hl trader lost over $70 million on a HYPE short position. The current 685,744 HYPE short position ($54.88 million) is at risk of liquidation if the price rises to $101.15. Conversely, on August 22nd, a whale opened a $10.7 million long position with 4x leverage and set a liquidation level at $64.47.

Technical Outlook

The $82.52 peak currently stands out as short-term resistance. Sustained break above this level could bring $85 and $90 targets into play. Analysts note that there is a significant short liquidation zone around $101.15, and volatility may increase as the price approaches this level. Support levels are being watched at $72.50 and $68.

On the 4-hour chart, the MACD is giving a bullish signal, while the RSI is in the overbought zone at 78.03. This increases the likelihood of a pullback towards the $65.68 level (EMA50) in the short term.

For Gate users: Current HYPE levels are open to both upward and downward movements in the short term. A break above the $82.52 resistance could lead to a retest of the all-time high and target of $85. However, institutional selling pressure, overbought signals, and regulatory uncertainty (the Senate vote on the CLARITY Act is on September 15th) increase the risk of a pullback. In particular, the concentration of short positions and the risk of liquidation at $101.15 suggest that volatility could increase further as the price moves upwards.

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