#HYPEContinuesToHitAll-TimeHighs

HYPE Is Testing the Highs Again — But Tomorrow’s Unlock Makes This Setup Different

Hyperliquid’s HYPE is trading around the $84 area today, with Gate’s latest market snapshot showing roughly +5.1% over 24 hours and the token up about 15% over seven days. CoinGlass is also showing HYPE around $83–84, with a roughly 12% seven-day gain depending on the exact snapshot. The bigger picture is clear: HYPE has recovered aggressively and is now trading only a few percent below its recent all-time high.

The current structure is still bullish, but price is entering a much more difficult zone. HYPE previously printed an all-time high around $86.71, so the $85–$86.70 area is the immediate supply zone. A clean break and acceptance above the previous high would put the token into price discovery. On the other hand, repeated rejection around the highs would increase the probability of profit-taking after such a strong multi-week move.

The support map is becoming equally important. I would watch $80 first, because it is both a psychological level and an important recent trading area. Below that, $77–$78 becomes the next zone, followed by $75 and then the stronger psychological area around $70. As long as HYPE continues making higher highs and higher lows above these zones, the recovery structure remains constructive.

Volume shows that this is not a low-liquidity move. CoinGecko currently reports roughly $1.5B in 24-hour HYPE trading volume, while CoinGlass shows approximately $5.17B in HYPE futures volume and around $3.67B in open interest. That is a very large derivatives footprint relative to the token’s spot market and explains why HYPE can move violently when positioning becomes crowded.

Liquidations are another important part of the picture. CoinGlass currently shows around $6.46M of HYPE futures liquidations over 24 hours. That is not enough by itself to call a major liquidation cascade, but with billions of dollars in open interest, relatively small price movements can become much larger if one side of the market becomes over-positioned.

Whale activity is giving us a more complicated signal. Recent on-chain tracking showed whales and institutions moving roughly 871,000 HYPE worth about $64.8M through FalconX within six hours, while another wallet associated with Syncracy moved around $6.6M toward Wintermute. Additional large transfers brought the potential supply involved to roughly $77M. That does not prove every token was sold, but it does show that large holders are actively repositioning around these elevated prices.

At the same time, institutional interest has not disappeared. Earlier this month, reporting highlighted a $100M+ Multicoin Capital position in HYPE, alongside a sharp increase in spot inflows and ongoing buyback activity. That gives the token a stronger fundamental narrative than a pure momentum trade, although institutional positioning does not eliminate short-term selling pressure.

The biggest near-term catalyst is actually supply. On August 29, around 14.18M HYPE tokens are scheduled to unlock, worth roughly $1.2B at recent prices. The release represents about 1.4% of total supply and 2.7% of HYPE’s market capitalization, with approximately 46.6% allocated to insiders, 46.3% to the community and 7% to the foundation. This is the key event I would not ignore while HYPE is trading close to its highs.

The unlock does not automatically mean HYPE must fall. The market impact depends on how much of the newly available supply actually reaches exchanges and whether existing demand can absorb it. The important detail is that HYPE is approaching this event from a position of strength rather than weakness. If buyers absorb the new supply without losing the $80 area, that would actually demonstrate considerable underlying demand.

There are also longer-term catalysts supporting the Hyperliquid ecosystem. Hyperliquid has been pushing deeper into traditional market infrastructure, including its regulatory effort around pre-IPO futures in the United States. Coinbase has also integrated Hyperliquid infrastructure for perpetual futures through its Base app, expanding the potential distribution of Hyperliquid’s trading technology.

Another fundamental catalyst is the upcoming Aligned Quote Assets v2 (AQAv2) framework. CoinGecko estimates that once AQAv2 begins generating cash flow for the Assistance Fund, the mechanism responsible for HYPE buybacks, protocol revenue could rise by approximately 18%, according to its analysis of the expected October 3 change. If trading activity remains strong, that could strengthen the long-term buyback narrative.

The broader market is also helping HYPE. Bitcoin has reclaimed the $80K area, while major crypto assets have experienced a strong recovery over the last several sessions. That matters because HYPE has a high-beta relationship with overall crypto sentiment: when liquidity and risk appetite expand, capital tends to rotate toward high-growth assets faster, but the same characteristic can amplify downside during market-wide reversals.

Bullish scenario: HYPE holds the $80 area, absorbs the August 29 unlock without a major breakdown, then breaks through $86.70 with strong spot participation. A confirmed move above the previous high would put $90 into focus, followed by the major psychological $100 level. The strongest confirmation would be a new high accompanied by rising spot volume rather than a move driven mainly by leveraged futures.

Bearish scenario: HYPE fails to clear $85–$86.70, reacts negatively to the unlock and loses $80. That would shift attention toward $77–$78, with $75 becoming the next important structural area. A decisive break below $75 would weaken the current bullish sequence considerably and suggest that the market is repricing the token’s near-term supply and leverage risks.

My overall read is bullish structure, but high event risk.

HYPE has the momentum, strong protocol activity, institutional attention and a powerful buyback narrative. But at the same time, price is sitting close to its record high, derivatives open interest is large, whales have recently moved significant amounts of HYPE, and a roughly $1.2B scheduled unlock arrives tomorrow.

That combination makes the next few sessions more important than the last few weeks.

Above $86.70: price discovery becomes the story.

Around $80: demand is being tested.

Below $75: the current bullish structure comes under serious pressure.

For me, the most valuable signal will not be whether HYPE briefly touches a new high.

It will be whether buyers can hold the new high after the supply event.

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