Hyperliquid’s token HYPE was up more than 3% over the past 24 hours, rebounding from about $77 to trade near $81 on Sept. 14. The recovery followed market chatter that Hyperliquid Layer 1 had climbed from eighth to seventh in chain total value locked rankings, overtaking Arbitrum, while traders also weighed expectations around a recent token unlock.
Key takeaways
- Price move: HYPE rose more than 3% in 24 hours, bouncing from roughly $77 to around $81.
- Catalyst: Reports said Hyperliquid L1 improved its TVL ranking, alongside activity tied to a Sept. 6 token unlock.
- Implication: Buyers appear to be absorbing supply, but HYPE is still facing nearby resistance around $81–$82.
- Next level to watch: A clean break above $81.27 could open a path toward $84, while a slip below $79.82 raises the risk of renewed weakness.
What drove the move
Trading interest in HYPE picked up after chain-data coverage indicated that Hyperliquid L1 moved up in total value locked rankings. According to the reports cited in market commentary, Hyperliquid rose from eighth to seventh, overtaking Arbitrum, with both networks referenced at roughly $1.40 billion in TVL at the time.
Additional data pointed to strength across Hyperliquid’s ecosystem. MSB Intel said total value locked across the Hyperliquid protocol stood at $6.73 billion, up 11.6% over the past 30 days. For token investors, rising TVL can be interpreted as improved user and capital activity—often supportive of sentiment when it coincides with a near-term technical bounce.
Regulatory developments also remained in focus. Bloomberg reported in late August that Payward parent Kraken proposed a structure under which its Bitnomial unit would offer registered U.S. users crypto perpetual futures tied to markets on Hyperliquid’s decentralized exchange and Layer 1 network. The proposal was said to have been submitted to the Commodity Futures Trading Commission, though approval was still pending.
More broadly, the regulatory conversation around perpetual futures continued into September. The Information reported that discussions had explored regulatory guidance, exemptions, and potential no-action relief. On Sept. 9, the Hyperliquid Policy Center filed an amicus brief supporting the CFTC in a lawsuit brought by CME Group, asking the court to dismiss the case.
Token unlock and investor positioning
Another factor behind the latest price action was the market digesting the impact of a prior unlock. The token’s recovery came after it rebounded from a September high near $89 to around $77 earlier in the move. The Sept. 6 unlock released 433,419 HYPE allocated to core contributors, described as 0.19% of the floating supply at the time of the unlock, creating the potential for selling pressure as previously locked tokens became available.
While the unlock can weigh on prices in the short term, the rebound back above $80 suggests demand has absorbed enough of the available supply to reverse part of the decline. Even so, the token remained down roughly 9% over the past seven days, indicating the broader trend has not fully flipped yet.
Market reaction and what traders are watching
On the 4-hour chart, HYPE was trading around $80.85 after bouncing from the $77 area. Technical levels were mixed but turning constructive. The token moved above the 20-period exponential moving average at $79.82, while the 200 EMA sat lower at $76.92. Traders also highlighted that the 100 EMA at $80.91 and the 50 EMA at $81.27 were positioned just above price—implying the next hurdle is near-term resistance rather than a distant target.
Momentum appeared to have improved on the shorter timeframe. The 4-hour Commodity Channel Index rose to around 104 after spending much of the recent decline below zero, signaling buying momentum returning on the 4-hour basis. However, the asset had not yet cleared the resistance zone formed by the two nearby EMAs.
Market observers pointed to a scenario where a 4-hour close above $81.27 could clear those averages and potentially open a move toward $84. Further upside levels cited by traders include $86 and then the September high near $89 if price can build follow-through.
On the daily chart, HYPE was near $80.71 and still below its nine-day simple moving average at $81.96, leaving a key resistance band close by. The daily Relative Strength Index was reported at 53.8—above 50, but below its moving average at 59.8—suggesting bullish momentum is present but not dominant.
Support and downside risk were also clearly defined. If HYPE falls back below the 4-hour 20 EMA at $79.82, the next support was cited around $78. Below that, the 200 EMA at $76.92 aligns closely with the recent $77 low, with the $76.90–$77 region described as the primary support. A break under that area could extend declines toward $74–$75.
Bigger picture
Investors are juggling two overlapping narratives: ecosystem growth signals from TVL ranking and protocol activity, and the possibility that regulatory progress could eventually expand U.S. access to Hyperliquid-linked perpetual futures. While those developments have supported attention around the token, the near-term tape is still being shaped by technical resistance and the after-effects of supply from earlier unlock mechanics.
Looking ahead, traders will likely focus on whether HYPE can hold above the $79.82–$80 area and then push through the $81–$82 resistance zone. Any further updates from U.S. regulators or additional filings tied to perpetual futures access could also influence sentiment in coming sessions, alongside broader market moves that affect risk appetite.
