HYPE has been hovering around $54, while the buyback machine is crazily eating coins

First, look at the surface: choppy consolidation and pullbacks—retail investors are doubting their life.

In the past 24 hours it’s up 4%, price just lingers around 54. Since falling from the June 16 historical high of 76.85, it’s already retraced nearly 30%. You might think: another VC coin—once it unlocks, it’s doomed.

But this “trash” is using real money to repurchase and burn, and it’s far more aggressive than you think.

First thing: this isn’t an air coin—it's an on-chain money-printing machine

What is Hyperliquid? Plainly speaking: a perpetual contracts exchange that puts all trading on-chain, and every fee is used to buy its own token in the open market

Platform cumulative revenue: $1.34 billion

In the past 24 hours alone, HYPE burned $760,000

On-chain perpetual market share has long been 50%-70%

Second thing: the unlock on August 6—afraid already? The whales aren’t

On August 6, 433,000 HYPE will unlock, worth about $23 million. Sounds scary?

Let me tell you: that’s an extremely low share of circulating supply, and historically every unlock has been swallowed up by buyback demand

Retail thinking is: unlock = sell-off; institutional thinking is: unlock = opportunity to get in

Third thing: technicals are stabilizing in the support zone

From the daily chart: after repeatedly testing 50-52, HYPE bounced back to 54. This spot is a triple-confluence area—prior swing low + trendline + psychological support. The daily RSI just climbed back up from oversold, and MACD bearish momentum is weakening. On the 4-hour chart, it’s formed “higher lows,” which is a textbook short-term stabilization signal

Support: 50-52 (breaks? run. holds? go)

Resistance: 56-58 (hold and then look for 60-62)

Key levels

Upper resistance: 56-58 → 60-62 → 65-70

Lower support: 50-52 (the iron zone) → 46 (the 200-day moving average)

For short-term traders:

Try longs lightly around 54, then add on the pullback to 52-53. Stop loss below 50. Target 56-58—take half off first, and if there’s a breakout above 58 on volume, look for 60-62

For medium-term positioning:

Watch the order book before and after the August 6 unlock. If 50-52 continues to hold, build in batches. If it pulls back below 50, don’t get scared. Medium-to-long-term targets: 60-65 or even higher. The prerequisite is: the overall market doesn’t crash and support doesn’t break

HYPE’s logic right now is exactly like traditional stocks—

When the market panics and sells off, the company keeps repurchasing and canceling. By the time retail reacts, it realizes the float has shrunk by one-third, and the price is already in the sky.

It’s not that you don’t dare to buy—it’s that you don’t even know how much it’s actually making