HYPE Struggles Below Resistance Ahead of Nov Unlock Event
- Hyperliquid (HYPE) faces pressure as a 9.92M token unlock approaches on November 29.
- The Price remains capped by resistance as buyers fail to force a clean breakout.
- Momentum stays weak with indicators showing limited strength behind recent moves.
Hyperliquid’s token moved lower ahead of a large unlock event. The asset traded at $35.90 during press time and was up by more than 4% over the past day. It has dropped 25.15% over the past month. The price now sits 38.91% below its September peak of $59. The shift reflects continued pressure from supply concerns linked to the upcoming release.
Tokenomist reported that 9.92 million HYPE would unlock on November 29. The batch carries an estimated value of $357.5 million. It represents 2.66% of the circulating supply. The tokens belong to early insiders and core contributors. Their allocations were locked for one year following the Token Generation Event in November 2024.
About 37% of the total supply has been unlocked to date. The release is a one-time cliff that increases short-term supply. This creates an imbalance that exceeds regular token-buying activity.
The platform’s Assistance Fund consistently buys tokens throughout the year. It uses trading fees to purchase its own token. The fund has repurchased over $600 million worth of HYPE. Daily buybacks sit between $2 million and $5 million. These amounts help stabilize prices under regular market conditions. The upcoming unlock, however, surpasses the daily buyback capacity by a wide margin.
Market Shows Modest Recovery as Shorts Face Aggressive Liquidations
HYPE attempted a rebound after tagging support near $29.00, where buyers managed to establish a short-term base. From there, the price pushed toward the $36.00 zone in the following sessions. It struggled to break beyond this zone. The recovery remained limited as resistance levels held firm. This kept the trend tilted toward sellers.
CoinGlass data shows a reduction in derivatives activity. Open interest dropped 0.82% to $1.46 billion. Trading volume fell 11.45% to $1.23 billion.
Long-side liquidations totaled just $396.6K, while short liquidations surged to $5.26 million. The sharp imbalance shows that traders positioned against the market were forced to close out aggressively as prices attempted a modest rebound.
HYPE Shows Technical Weakness
Technical analysis shows continued weakness. The 20-day exponential moving average sits at $36.58. It is positioned slightly above the current market price. The 50-day EMA stands at $39.49. The 100-day EMA is at $41.30. The 200-day EMA lies above $43. Each EMA slopes downward. This forms layered resistance across multiple timeframes.
The structure indicates that momentum favors sellers. A trend shift would need a move above the 20-day EMA. Such a move requires strong volume and steady demand. The price would then need to approach the $38–$40 range. These levels host the next resistance cluster. They mark an important zone for market sentiment.
Related: HYPE Tightens Range as On-Chain Data Hints at $45 Breakout
Momentum indicators show mixed conditions. The MACD histogram has moved slightly positive at +0.06. This signals early signs of strength. The MACD line remains at -1.81. The signal line sits at -1.87. Both lines remain below zero. This suggests that the current rise is a reaction rather than a sustained reversal.
HYPE remains below the resistance band between $36.00 and $37.00. A failure to break this zone may result in a retest of $33.00. The next support sits near $30.00. Traders continue to watch the behavior as the unlock approaches. Market reaction may align with liquidity conditions during the event.
The market now focuses on the November 29 unlock. Its scale is set to influence sentiment and trading behavior. Participants would observe how the ecosystem absorbs the influx. The outcome may define the near-term direction for Hyperliquid.
