Exchange Ranking
Top Exchanges
24h Volume Ranking
Popularity Ranking
Exchange BTC Balance
Proof of Reserves
Decentralized Exchanges
Funding Rate
Funding Heatmap
Liquidation Data
Max Pain
Long/Short Ratio
Whale L/S Ratio
Binance/Okex/Huobi L/S
Bitfinex Margin L/S
ETF Tracker
Solana ETF
XRP ETF
Hong Kong ETF
Bitcoin Treasuries
Crypto Reversal
Ethereum Reserves
HyperLiquid Wallet Analysis
Hyperliquid Whale Watch
Large Transactions
On-chain Movement
Bitcoin ROI
Stablecoin Market Cap
Options Analysis
News
Articles
Economic Calendar
Features
Wallet
Contract Calculator
Security
Collections
Watchlist
Following
HYPE Hyperliquid (HYPE) approaches key support levels and simultaneously executes large-scale token destruction
As the price of Hyperliquid (HYPE) approaches the key technical support level of $78, the market's attention to it is heating up again. At the same time, the project is continuing to destroy a considerable supply of tokens. Buying has been defended in this area twice, highlighting the importance of this level in the current price structure.
Key Points and Market Performance
HYPE is currently trading at $78.90, with 24-hour trading volume reaching $1.76 billion. The current market value of the project is $19.86 billion, accounting for approximately 0.75% of the overall cryptocurrency market. In the past day, HYPE prices have dropped 1.35%.
The $78 area remains critical in the short term and has served as a strong support level over the past week. Analyst Crypto With Gopal pointed out that a "double bottom" pattern may be forming at this support level, which sometimes suggests that selling pressure is weakening. The analyst added that HYPE needed to recover the $84 resistance level to confirm a bullish reversal, opening up space for a move towards $90.
Although there are signs of a possible double bottom pattern near support, this pattern will only be confirmed when HYPE regains its footing and remains above $84. Therefore, the $78-$84 range is the focus of any short-term trend. A consolidation above $84 will lay the foundation for further gains; a close below $78 may indicate increased downside risks.
Accelerate token destruction
Parallel to technical developments, Hyperliquid continues to implement its token destruction strategy aimed at reducing supply and potentially affecting token economics. On-chain data shows that Hyperliquid destroyed 32,770 HYPE tokens worth approximately US$2.65 million in 24 hours. The average price of the tokens before destruction was $81.01 and were subsequently permanently removed from circulation.
Cumulatively, HYPE's total historical destruction volume has reached approximately 48.57 million tokens, with a value of approximately US$3.82 billion at current prices. This total destruction accounts for an estimated 4.86% of HYPE's maximum supply.
Concept Analysis: Token Burn
Token destruction is a mechanism that permanently removes tokens from circulation to reduce supply, usually performed by sending tokens to a "destruction address" that cannot be retrieved. This approach can support the price of cryptocurrencies or enhance their perception of scarcity, but its actual effect depends on market demand and overall market conditions.
Continued destruction activities play a central role in Hyperliquid's supply management, but its impact on prices remains closely related to actual market demand and broader market sentiment.
Technical Structure and Elliott Wave Theory Outlook
Elliott Wave Analysis shows that HYPE has recently completed a round of correction waves at $50.70 after previously reaching a high of approximately $76.67. The revision is seen as part of a broader downward trend that began in June. In a bearish scenario, the $50.70 level could mark the end of wave (iv), with the primary resistance level at the previous high of $76.67.
If HYPE can remain above $76.67 and break through the upside, the technical forecast points to $99.42 as the target and the extended target is $116.57. However, some analysts warned that prices could form a larger triangle, keeping HYPE within a broader consolidation range until a more decisive move emerges. If the token falls and closes below $50.70, this will challenge the current bullish technical scenario. As a result, market participants are paying close attention to these support and resistance levels to get more signals about HYPE's future direction.
