Hyperliquid Price Outlook: Can HYPE Hold Above $53 After Losing Key Support?

49m ago•

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This article was first published on The Bit Journal.

Hyperliquid is dealing with a familiar crypto problem where its fundamentals are looking better, but its price is going in the opposite direction.

The decentralized derivatives platform, Hyperliquid, just recorded its highest open interest level of 2026 on July 13, with a total of $11.07 billion in positions. Meanwhile, markets created under the new Hyperliquid Improvement Proposal 3 (HIP-3) saw another all-time high of $3.69 billion in contributions to the ecosystem.

Despite all that activity, however, Hyperliquid price has slipped below the $64 mid-range support level that traders had been defending for weeks.

The break through that support has just added to the short-term selling pressure and made it more likely for a deeper correction, maybe all the way down to the lower end of its trading range.

Record Open Interest Shows Traders Still Choose Hyperliquid

With open interest reaching $11.07 billion, it means traders are still using Hyperliquid, even as the overall market sentiment seems to be weakening. HIP-3 markets alone generated $3.69 billion in open interest, which says a lot about in-demand tokenized assets and alternative trading products on the network.

Unlike many newer competitors, Hyperliquid has already survived multiple market cycles and periods of volatility.

While all the hype around the newer competitors can get the speculative capital moving from chain to chain in no time, traders keep coming back to the platforms that offer solid liquidity, great execution and deep derivatives markets.

Academic research published this year examining Hyperliquid’s fully on-chain order book found that the platform attracts substantial liquidity provision and lower execution costs for visible trading programs, strengthening its position among professional traders.

That is why activity is still growing even as the price of the token itself struggles to get back up.

Robinhood Chain Has Suddenly Become a Serious Competitor

Over the past week, the new Robinhood Chain platform overtook Hyperliquid and BNB Chain in daily speculative activity, as meme coin traders flooded the ecosystem. Daily decentralized exchange volume surged from less than $10 million to approximately $600 million within days of launch.

The main reason was the viral success of CashCat, a meme coin that generated close to $100 million in daily volume during the frenzy. However, several analysts are warning that this kind of momentum can’t possibly last.

Data released this week showed that much of Robinhood Chain’s trading volume was supported by relatively shallow liquidity and concentrated almost entirely around meme coins rather than tokenized stocks or institutional products.

If the meme coin enthusiasm were to fade, that could ultimately favor Hyperliquid

Hyperliquid Price Still Looks Bullish On Longer Timeframes

Despite the recent price weakness, the overall market structure hasn’t turned bearish.

In fact, the bullish trend was confirmed back in May when HYPE broke above the swing high at $59.412 and then rallying up to $76.955.

Using the move from $20.48 to $76.95, Fibonacci retracement levels place the long-term accumulation zone between $32.56 and $42.05.

This so-called golden pocket represents the 61.8% to 78.6% retracement area that many swing traders view as an ideal trend continuation region.

Right now, Hyperliquid price is still above these levels.

Earlier buying pressure remained visible through the On-Balance Volume indicator, which continued climbing, while the Chaikin Money Flow previously held above 0.05.

The problem is the momentum in the market seems to be slowing down. The MACD indicator is now sending out warning signs that the bullish momentum is weakening and that buyers may be losing control in the short term.

Traders are Keeping a Close Eye on The $53 to $54 Tegion

HYPE has been trading in a broad range for months, from $53.3 to $74.6 since June. Now that the $64 midpoint is lost, the focus has started to shift over to the lower end of that range.

At the time of analysis, the Chaikin Money Flow had fallen to -0.14 which suggests capital outflows from the market.

The MACD has also just completed a bearish crossover below the zero line, which is further evidence that the bear is gaining momentum.

For short term traders, the support zone now in place at $53 to $54 is a very important target.

A temporary bounce near the psychological $60 level remains possible, but a decisive break below the lower range boundary could eventually expose the deeper retracement zone near $32.

Until that happens, the best strategy for traders might be to range trade, and hang in there. However, DYOR.

Conclusion

Hyperliquid price is stuck between strong growth in the network and weakening short term momentum. Open interest has risen to a record high of $11.07 billion and there’s been $3.69 billion in HIP-3 activity all of which shows that traders are still keen on the platform, even if there is a growing threat from Robinhood Chain.

But losing the $64 support point has shifted the focus towards the support level at $53.3 to $54 . Whether the buyers can keep hold of that zone is probably the most important question now. Will HYPE bounce back up or start a deeper correction?