Hyperliquid’s token HYPE fell more than 3% over the past 24 hours on September 24, sliding from a record peak set the day before as investors digested renewed transfers of HYPE by large holders. At the time of writing, CoinGecko data showed HYPE trading near $93.80, after dipping from above $96 and briefly trading below $92 during the session.
The pullback followed a run to a record high of $97.98 on September 23 and comes as onchain activity raised fresh questions about near-term selling pressure, even as HYPE still remains strongly higher on the week.
Key takeaways
- Price move: HYPE dropped more than 3% in 24 hours and traded around $93.80 after a move from above $96.
- Catalyst: Onchain data highlighted renewed transfers by Multicoin Capital to Coinbase Prime, along with additional large-holder unstaking activity.
- Leverage unwind: Derivatives data pointed to long liquidations and falling open interest, consistent with leveraged positions being reduced.
- Market implication: The next support levels cited by technical levels—around $92.65 and lower Fibonacci thresholds—will likely determine whether the selloff extends.
What drove the move
Attention returned to Multicoin Capital after Lookonchain reported that the firm transferred an additional 130,331 HYPE, worth $12.15 million, to Coinbase Prime following a one-week pause in such transfers. Lookonchain also said Multicoin Capital has deposited roughly 4.23 million HYPE, worth $285 million, to Coinbase Prime since July 28.
While transfers to Coinbase Prime do not confirm that the tokens were sold—given the platform’s custody and execution services—the renewed movement increased scrutiny around how much HYPE is being held and potentially made available to the market.
Lookonchain also reported on September 24 that five addresses began unstaking a combined 983,600 HYPE worth $90.44 million. The largest of those addresses initiated unstaking of about 391,800 HYPE worth nearly $36 million.
Hyperliquid’s protocol imposes a seven-day waiting period on unstaking. That means the tokens are expected to become available around October 1, but they cannot be sold immediately. Even so, the timing can influence investor positioning ahead of when additional supply could hit the market.
Market reaction and derivatives positioning
Derivatives activity suggested traders were reducing exposure as spot prices retreated from the record high. The report noted about $3.30 million in HYPE long liquidations over 24 hours, representing roughly 93% of total liquidations. Open interest fell by approximately $74 million over two days.
In practical terms, a lower spot price paired with declining open interest points to leveraged positions being closed rather than fresh leverage building, which can amplify short-term downside when momentum fades after a sharp run.
The broader crypto tape also weighed on HYPE. The article said HYPE’s decline coincided with a pullback in Bitcoin and weakness across the market, adding to the risk-off tone that can reduce appetite for smaller, faster-moving tokens after a breakout.
Technical picture: support levels and momentum
Despite the decline from $97.98, the token’s daily structure remains above key exponential moving averages, according to the levels cited in the article. At around $93.26, HYPE was still above the 20-day EMA near $87.12, while longer averages—50-day, 100-day and 200-day—were listed at approximately $79.21, $71.24 and $60.50 respectively. The article described the moving-average ordering as bullish, with shorter averages positioned above longer ones.
The first dynamic support highlighted is the 20-day EMA near $87.12. A daily close below that would bring the 50-day EMA around $79.21 into focus, a region described as close to where HYPE traded prior to the latest breakout.
Momentum indicators also cooled. The daily RSI reportedly fell to 62.84 after moving above 70 during the recent surge, signaling reduced buying intensity as the token approached the $98 area.
On the shorter timeframe, Fibonacci levels drawn from a low near $75.19 to a high near $98.04 placed the 23.6% retracement at $92.65, which the article said HYPE was trading just above (about $93.34). It added that a break below $92.65 could expose the 38.2% retracement at $89.31, followed by the 50% level around $86.62 and the 61.8% retracement near $83.92. A deeper retracement would potentially place attention on the 78.6% level around $80.08.
MACD readings cited in the article showed weakening momentum: the MACD line was below the signal line, and the histogram had turned negative after the rejection near $98. The analysis framed this as a shift in near-term momentum toward sellers.
What to watch next
Investors will likely focus on whether HYPE can hold the near-term support zone around $92.65. A sustained breakdown could increase the odds of a move toward lower Fibonacci thresholds discussed in the technical review, while a recovery back through the $94 to $95 area could reopen attention toward the prior high near $98 and the psychological $100 level.
Beyond price levels, the next catalyst to monitor is the timing of unstaking availability around October 1, alongside whether additional large-holder transfers resume or change pace after the latest movement to Coinbase Prime. With Bitcoin’s direction also acting as a near-term risk barometer for the broader crypto market, traders may watch for renewed volatility around major macro releases and central bank signals that can influence risk appetite across assets.
