- Hyperliquid price fell 1.2% amid profit-taking and competition from Aster DEX.
- An upcoming unlock of HYPE tokens worth $11.9B raises short-term supply concerns.
- Rising open interest and whale buying signal a bullish momentum.
The price of Hyperliquid pulled back slightly after a sharp surge today, slipping 1.2% to trade around $46.57.
Despite the brief dip, HYPE is still up 19.5% over the past week, reflecting sustained investor interest and confidence in the project’s longer-term prospects.
The retracement followed a strong rally and reflects a mix of profit-taking, technical resistance and intensifying competition within the decentralized derivatives space.
Competition and profit-taking weigh on sentiment
After last week’s strong run, Hyperliquid encountered selling pressure near the 38.2% Fibonacci retracement level at $49.36.
A failed breakout prompted traders to lock in gains, triggering a short correction.
The MACD histogram turned negative on the 4-hour chart, indicating waning short-term momentum, while the RSI eased down from overbought territory at 69.89, suggesting the market needed a cooldown after a 19% weekly jump.
Part of the selling also reflects mounting rivalry with the newly launched Binance-backed Aster DEX.
Since its debut on September 17, Aster attracted substantial volume, processing $20.8 billion in trading on its first day compared with Hyperliquid’s $9.7 billion.
Aster’s rapid adoption and roughly $2 billion in TVL within a week shifted liquidity across the perpetual derivatives landscape, briefly affecting Hyperliquid’s dominance.
Still, Hyperliquid retains a commanding presence in the market.
With a market capitalization of $12.74 billion and total value locked (TVL) of $4.85 billion, it remains one of the largest decentralized derivatives platforms.
Traders, however, are watching closely as the project faces short-term headwinds from both external competition and internal supply pressure.
HYPE token unlocks spark concern
The most immediate challenge for HYPE is a token unlock schedule that begins on November 29.
Approximately 237.8 million tokens — about 24% of the total supply — will unlock over a 24-month period.
At current prices, this represents nearly $500 million of potential monthly selling pressure, partially offset by $65 million in monthly buybacks from the project treasury.
That leaves a potential monthly imbalance of roughly $410 million, which could drive short-term volatility as the market absorbs the increased supply.
Despite these concerns, the project’s treasury filings — which include a $1 billion allocation tied to the Sonnet Bio and Rorschach merger — may help mitigate dilution worries.
The treasury size and strategic reserves give the team flexibility to manage liquidity and sustain market confidence through buybacks or ecosystem growth initiatives.
On-chain and derivatives data point to bullish flows
While short-term traders may focus on resistance levels, derivatives and on-chain metrics tell a more optimistic story.
Futures open interest (OI) in HYPE jumped from $1.27 billion last Wednesday to $1.97 billion on Monday, the highest level since early October.
Rising open interest typically signals fresh capital entering the market, often an indicator of growing bullish conviction.
CryptoQuant data also shows whales — large investors — increasing their positions, with buy orders dominating both spot and futures markets.
This accumulation trend suggests institutional and high-net-worth participants anticipate further gains ahead.
Network metrics reinforce the bullish narrative.
According to the Artemis Terminal, Hyperliquid’s 24-hour on-chain fee revenue reached $2 million, outpacing edgeX and BNB Chain.
High network fees often correlate with elevated trading activity and liquidity, signaling solid user engagement despite short-term market turbulence.
Key technical levels to watch for Hyperliquid price
Technically, HYPE has shown resilience after clearing a descending trendline and the 50-day exponential moving average (EMA) at $43.54.
Over the weekend it held that level as support before climbing back above $48.57.
If the token can close above the next resistance at $51.15, analysts expect the rally to extend toward the previous high of $59.46, last seen on September 18.
However, failure to hold above the $43.54 EMA could open the door to a deeper correction toward the $41.60 support zone.