TLDR
- Hyperliquid (HYPE) trades near $73.61, down 1.14% on November 9 and about 24% below its October high near $97.
- HYPE is testing the $73–$76 support zone, where an ascending trendline meets a former resistance area.
- US spot Hyperliquid ETFs saw $13.4 million in net outflows from November 4 to November 6.
- Hyperliquid Strategies (PURR) holds about 38.9 million HYPE at a blended cost of $56.35 per token.
- RSI sits at 36.12 and MACD is negative, while analyst Nebraskangooner points to a head and shoulders pattern breaking down.
Hyperliquid (HYPE) traded near $73.61 on Monday, November 9. That is a daily drop of 1.14%. The token sits close to a key support area after a recent pullback.
HYPE is about 24% below its October highs near $97. Buying momentum has faded since then. The price is now testing the $73–$76 zone.
This zone matters for two reasons. A long-term ascending trendline runs through it. It also acted as resistance during June and July.
Institutional Treasury Keeps Buying
Hyperliquid Strategies (PURR), a Nasdaq-listed company, reported third-quarter results on November 5. It said it spent about $1.58 billion to buy 25.9 million HYPE tokens. Its total holdings reached about 38.9 million tokens as of October 28.
The firm’s blended cost is $56.35 per token. That is below the current market price of $73.61. It also reported $245.3 million in cash and cash equivalents.
The company said it plans to expand its institutional trading infrastructure. It also said the Hyperliquid ecosystem produced about $834 million in value accrual over the 12 months ending September 30. Trading fees and related activity drove that figure.
ETF Flows Turn Negative
CryptoETF.today reported that US spot Hyperliquid ETFs lost $8 million in net outflows on November 6. It was the third straight day of withdrawals. Bitwise’s BHYP accounted for $7.1 million of that. 21Shares’ THYP saw $900,000 leave.
Outflows from November 4 to November 6 totaled about $13.4 million. The November 6 data was incomplete, since only two of the three tracked funds had reported.
On-chain activity tells a different story. DefiLlama data from November 9 shows $5.59 billion in perpetual futures volume over 24 hours. Open interest stood at $7.31 billion. Total value locked was near $7.94 billion.
The protocol earned about $2.31 million in fees over 24 hours. Over 30 days, fees reached $86.45 million. Protocol revenue for the same period was about $67 million. Much of that revenue goes toward HYPE token buybacks.
Technical indicators lean toward sellers. The Relative Strength Index (RSI) is at 36.12. That is below the neutral 50 level but above the oversold line of 30.
The Moving Average Convergence Divergence (MACD) is also negative. The MACD line is at -1.718, below its signal line at -0.980. The histogram reads -0.738.
Analyst Nebraskangooner posted on X that the $HYPE head and shoulders pattern is starting to break down. The post adds a bearish chart view to the support test already underway.
🚨 $HYPE HEAD AND SHOULDERS IS STARTING TO BREAK DOWN 🚨 https://t.co/Ms1kfHZegv pic.twitter.com/7rUdRZemHb
— Nebraskangooner (@Nebraskangooner) November 8, 2026
HYPE built its trendline after a low near $25 in February. The line connected higher lows in March, May and August. The token then rose above $90 in September and October before sellers pushed it back.
The latest drop has produced a series of lower highs. Monday’s intraday low was $73.13. The daily candle was still open, so a confirmed breakdown had not happened.
If support holds, the first resistance sits at $78–$80. A move above $80 could open the way to $85 and then $90. The stronger resistance zone lies between $90 and $95.
If HYPE closes below $73 on the daily chart, the first downside target is $68–$70. Below that, the $60–$65 region could come into play. A deeper drop could reach $53–$55, where HYPE made a higher low in August.
A bullish MACD crossover would be one sign of improving momentum. An RSI move above 45 would be another. Rising volume on a rebound from $73–$76 would also help the bullish case.
