Hyperliquid’s native token HYPE slipped for a fourth straight session as retail traders pulled back amid fresh geopolitical uncertainty and a broader risk-off mood across crypto. But beneath the short-term weakness, institutional buyers and strong activity in Hyperliquid’s Real World Asset (RWA) ecosystem are keeping the longer-term bullish case intact — and a clear breakout above the $75–$77 zone could quickly reignite momentum toward round-number targets.
What’s happening now
- Retail participation has eased as market participants grow cautious after renewed tensions in the Middle East. HYPE futures open interest fell to $2.68 billion, signaling a modest unwinding of leveraged positions, and derivatives volume dropped 29% in the last 24 hours to $1.99 billion.
- Funding rates have only cooled slightly — down to 0.0065% from 0.0078% — which means longs are still willing to pay a premium and outright bearishness hasn’t set in.
- Institutional flows tell a more confident story: HYPE-focused ETFs pulled in $3.33 million on Wednesday, lifting weekly inflows to $16.08 million. That steady capital suggests larger investors retain conviction in Hyperliquid’s roadmap.
RWA business remains a durable growth engine
Hyperliquid’s HIP-3 products, which support perpetual contracts tied to tokenized RWAs, continue to show rising engagement. Open interest across HIP-3 climbed to $3.10 billion, trading volume jumped 40% over 24 hours and 28% month-on-month, and protocol revenue has held roughly steady at about $10 million over the past four weeks. Those metrics point to an expanding institutional use case and growing demand for RWA-based trading — key fundamentals that underpin HYPE’s longer-term upside.
Technical picture: $75–$77 is the make-or-break zone
Technically, HYPE looks like it’s undergoing a healthy correction within an overall uptrend. Price is near a rising support trendline at approximately $66.54 and remains above both the 50-day EMA ($62.53) and the 200-day EMA ($48.33) — a bullish alignment that keeps the broader structure intact.
Critical levels to watch:
- Immediate resistance: $75.76 (June 1 swing high) to $77.09 (R1 pivot). This range forms the upper edge of an ascending triangle; a decisive breakout here could trigger renewed buying.
- Near-term upside targets: R2 pivot at $89.14 and R3 pivot at $101.35. A sustained move through $77 could realistically put the $100 psychological level back on the table.
- Support risk: losing the 50-day EMA ($62.53) would expose S1 pivot at $52.83 and could open the door to a deeper pullback toward the 200-day EMA ($48.33).
Momentum indicators remain cautiously favorable. MACD is still above its signal line, indicating residual bullish momentum, while the RSI sits around 42 — below neutral but with room to climb if buyers return.
Bottom line
Short-term retail caution has softened HYPE’s price action, but institutional inflows and robust activity in the RWA-focused HIP-3 ecosystem are providing meaningful underpinning. Traders should watch the $75–$77 breakout zone closely: a clean move above it would likely accelerate upside, while a failure to hold the 50-day EMA would increase downside risk.
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