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Following
HYPE Core Points
HYPE must maintain its previous high after a breakthrough.
$76 is the first line of defense below the price.
A break below will open the US$71 -72 support area.
Hyperliquid charges approximately US$6.2 million per day.
Derivatives trading volume exposes this trend to leverage risk.
Breakthroughs must be held
HYPE once climbed to a record high of about US$83.6 on August 23, and then suffered a decline in selling pressure. There is only one question left on the chart: Can the market maintain its previous high below prices?
Hyperliquid prices hit record highs.
This level was once a resistance level during the rise. If it can be held as support, the correction looks like normal profit-taking after a sharp rise. If prices fall back below that level and remain, the strength of the breakthrough will be greatly reduced.
The first clear level below the current range is at US$76, or the 0.236 Fibonacci retracement level. This is the latest point where buyers may show that demand is still intact. After falling below this level, the focus will shift to $71 -72. The 0.382 retracement level is near US$71.2, close to the previous horizontal support area, which gives this range greater weight than individual technical indicators.
Hyperliquid fees surge provides buyers with more support
Traders were not the only group active during the HYPE rally. Hyperliquid incurred approximately $6.2 million in fees on August 23. DefiLlama currently reports approximately US$5.86 million in application fees over the past 24 hours, while perpetual contract transaction volume is approximately US$7.1 billion.
This is important because fees measure the actual usage of the exchange. They do not prove that HYPE should rise, nor do they amount to paying proceeds to token holders. But they suggest that as tokens approach new highs, the platform's core product-transactions-is attracting a lot of demand.
Hyperliquid's ability to keep trading under volatile conditions has always been part of its appeal. Its early response to market chaos demonstrated why traders and liquidity providers have always viewed the platform as a presence beyond a niche perpetual contract exchange.
Spot buyers are not alone supporting the market
The same data also explains why the correction may unfold quickly. As of the time of publication, CoinGlass showed that 24-hour trading volume of HYPE futures was approximately US$4.4 billion, while spot trading volume was approximately US$300 million. Open interest is close to $3.5 billion.
In other words, most of the day's trading activity was completed through leveraged contracts rather than simple spot purchases. When momentum is strong, this can accelerate the rise. But if the support level breaks and long positions begin to unwind, more traders will be at risk.
There is no need to treat every correction as a bearish signal. HYPE is still close to historical highs, and Hyperliquid's fee generation capabilities provide a more solid foundation for this trend than pure hype. But the next step still depends on whether buyers can hold on to their previous highs until the derivatives market makes decisions for them.
