One of the most important decentralized trading platforms is growing. However, its token is facing a correction, million-dollar liquidations, and a decisive zone that could shape its next moves.
Something interesting is happening with Hyperliquid, and I think it deserves far more attention than it’s getting.
On the one hand, its platform is seeing massive activity, with billions of dollars traded and significant growth over the past quarter.
On the other hand, HYPE is showing a completely different dynamic: volatility, selling pressure, and leveraged traders getting trapped.
Are we looking at an opportunity the market hasn’t priced in yet, or are there signs that protocol growth isn’t enough to support the token’s price?
Let’s break it down.
🚀 1. Hyperliquid is growing at a significant scale
Hyperliquid is not just another cryptocurrency.
It is a decentralized trading ecosystem specializing in perpetual contracts, where users can trade various assets without relying on a traditional centralized exchange.
Its latest quarterly report, for the third quarter of 2026, revealed some notable figures:
- USD 190.9 million in quarterly revenue, up 21.7% from the previous quarter.
- USD 18.1 billion in open interest, reaching a record on September 22.
- An average of 65,161 daily traders during the quarter.
- Volume in stock-linked perpetuals grew 160.8% compared with the previous quarter.
But there’s an important detail: revenue was still 36.5% below the same quarter of the previous year.
In other words, quarterly growth is real, but it doesn’t mean every indicator is recovering.
📊 2. The HYPE market is showing interesting signs
In the market check on November 15, CoinGlass reported:
HYPE price: USD 68.20.
7-day change: -8.19%.
24-hour futures volume: USD 4.62 billion.
24-hour spot volume: USD 464.1 million.
Open Interest: USD 3.02 billion, down 0.98% over 24 hours.
One thing worth highlighting: futures volume is approximately ten times higher than spot volume.
This shows just how much derivatives contribute to HYPE activity.
It also means price movements can be amplified by leverage.
⚠️ 3. Liquidations tell another story
During the 24 hours leading up to that market check, approximately USD 86.27 million in HYPE liquidations were recorded.
Of that total, around 97% came from LONG positions.
This is important.
When such a large number of leveraged long positions are liquidated, the market can see a position flush that accelerates price movements.
But one interpretation calls for caution: LONG liquidations do not guarantee that the price will recover.
They may mark the beginning of stabilization, but new selling may also emerge if demand cannot absorb the pressure.
🎯 4. What levels should traders watch?
There are two particularly important reference points on the current chart:
RESISTANCE ZONE: USD 68.30–69.00
This is the zone HYPE needs to break above and hold to start showing that the recovery has strength.
It’s not enough to simply touch it: it would be important to see buying volume and closes above that region.
SUPPORT ZONE: USD 60–61
This is a relevant reference point because it coincides with the 24-hour low recorded in the latest reading and with a technical zone identified by analysts.
If the price returns to that region and buyers step in, a bounce could develop.
But if it decisively breaks below USD 60, the bearish scenario would gain strength.
🔍 5. Two scenarios that could create opportunities
SCENARIO A — RECOVERY (LONG)
If HYPE manages to reclaim USD 69, holds that level, and spot volume increases, a more convincing recovery signal could emerge.
In that case, traders could watch the USD 72–75 zone as the next resistance levels.
The key would be not to jump the gun: a breakout without volume could turn out to be a false signal.
SCENARIO B — BEARISH CONTINUATION (SHORT)
If HYPE loses strength again around USD 68–69 and the price starts making lower highs, selling pressure could continue.
A confirmed break below USD 60 would be a further sign of weakness.
In that scenario, it would be important to watch how the price behaves around new demand zones, without assuming the decline will continue automatically.
🧠 6. The data point that could change the outlook
There’s something I find even more interesting than the daily price movement.
Hyperliquid has a mechanism called the Assistance Fund, which uses protocol revenue to acquire HYPE.
This creates a connection between the platform’s economic activity and potential demand for the token.
However, there’s a fundamental difference between a platform generating revenue and its token necessarily going up.
Business growth does not eliminate risks such as emissions, token distribution, profit-taking, or changes in demand.
That’s why analyzing revenue alone would be a mistake.
You need to look at both: the protocol’s fundamentals and the market’s actual behavior.
💬 CONCLUSION: OPPORTUNITY OR TRAP?
Hyperliquid has something many cryptocurrencies can’t show: a platform with real activity, significant volume, and an economic model worth studying.
But HYPE is also showing that strong fundamentals don’t mean the price can’t fall.
Personally, I think the most interesting thing right now isn’t guessing whether it will go up or down, but watching what it does around USD 60 and USD 69.
I want to know what the community is seeing:
Would you buy HYPE during this correction, betting on its long-term growth?
Would you wait for a breakout above USD 69 to look for a LONG?
Or do you think it still has room to fall and would look for a SHORT?
I’m reading your comments. I’m especially interested in hearing from those trading derivatives.
Market data consulted on 15/11/2026. Prices, volumes, and liquidations fluctuate and reflect snapshots from specific providers. Levels are analytical reference points, not guaranteed signals. Educational content; not financial advice.
