Hyperliquid token HYPE rebounds while hitting record open interest

The HYPE token of the Hyperliquid platform has recovered from a steep decline, climbing back toward $56 and testing the $58 resistance level that aligns with its 50‑day EMA. Technical analysis notes support near the 200‑day EMA at $50, mixed RSI still below neutral, and reduced trading volume, indicating cautious buying.

Hyperliquid reported a record $5.25 billion in open interest, surpassing rivals such as Bybit, and processed about $13 billion in perpetual trading volume in a single day, with monthly volume around $196 billion. The protocol burned roughly $643,000 worth of HYPE tokens and generated about $513,800 in revenue.

Blockworks Research analyst Shaunda Devens described the recent slide to around $52 as a return to a more realistic valuation after a flow‑driven rally powered by Hyperliquid Strategies, which holds close to 10 % of HYPE’s circulating supply. Revenue for July fell to $43 million from $92 million a year earlier. Spot products have seen 13 consecutive sessions of net outflows, and Japanese investor Eole has increased its allocation to ¥100 million.