Hyperliquid’s native token, HYPE, is holding on to the long-term critical support zone after the recent correction. While it is being monitored whether buyers can regain power in the market, the increase in transaction volume and the platform’s buyback and token burning mechanism support the expectations for the long-term value of the protocol.
The critical threshold in price stands out
HYPE is trading at $58.73. The 24-hour trading volume of the token is 344 million dollars and its market value is 14.84 billion dollars. The price, which decreased by 2.31 percent in the last 24 hours, does not display a completely deteriorated structure in technical appearance.
Crypto analyst Havoc assesses that HYPE has maintained its six-month uptrend line despite the price correction, and therefore the asset is at an important technical crossroads. According to analysts, the latest pullback alone does not indicate the beginning of a broader downward trend.
Analysts emphasize that HYPE regaining the $63 to $64 band could reverse the recent breakout and move market sentiment back into positive territory.
Market participants are particularly focused on whether the $63 to $64 range will be breached again. It is thought that the upward trend could be confirmed if this area is permanently retracted. On the other hand, if the price remains below this level for a long time, it may increase the selling pressure.
| Indicator | Level |
|---|---|
| current price | $58.73 |
| 24 hour change | 2.31 percent decrease |
| Critical resistance zone | 63 to 64 dollars |
| 24 hour volume | $344 million |
Transaction revenues and token burns are tracked
According to Grayscale data, Hyperliquid has generated over $1.2 billion in transaction fees since its launch in 2024. This level stands out as one of the notable thresholds among decentralized perpetual futures trading protocols. Hyperliquid is among the leading protocols in the field of decentralized finance derivative products.
Hyperliquid is known as a blockchain-based perpetual futures trading platform. High transaction volume and increase in user participation are among the key factors in the growth of the protocol.
According to the Grayscale research team, the buyback and burn mechanism distinguishes Hyperliquid from its peers by combining platform revenues and the reduction in token supply in the same structure.
The system in question allows a portion of the revenue generated by the platform to be used in HYPE fueling. Thus, a direct link is established between growth, wage income and the decrease in token supply.
Market direction will depend on the strength of buyers
Despite positive price expectations and strong growth in the network, HYPE continues to trend downwards in the short term. Still, the improving outlook in the overall cryptocurrency market keeps the possibility of a new breakout on the agenda if conditions remain favorable.
The determining factor in the direction of HYPE in the coming period will be whether buyers can reclaim the $63 to $64 resistance zone and maintain the current long-term support area. The increase in transaction volume and the combination of the buyback and burn mechanism may strengthen the upward momentum.
