Can HYPE Hold $25? Token Falls as Hyperliquid Quietly Gains Market Share

HYPE, the price ticker often used for the Hyperliquid ecosystem token (HYPE), has been under pressure in recent sessions as broader market weakness intersects with profit-taking and technical sell signals.

While on-chain activity and exchange metrics point to growing market share for the Hyperliquid decentralized exchange (DEX), the token’s price has dipped toward critical support levels, prompting questions about whether $25 can hold as a floor.

HYPE Price Weakness Meets Broader Market Trends

As of the latest data, Hyperliquid (HYPE) is trading around $28.6, down from recent highs and roughly 51% below its all-time peak recorded in September 2025.

The 24-hour trading volume remains elevated at over $285 million, suggesting active participation even amid the decline. In the short term, technical indicators have shown bearish momentum, with resistance forming above current levels and support zones near $24–$26, making this range a focus for traders gauging near-term risk.

Investors have pointed to leverage flushes and large position liquidations as catalysts for downward pressure in recent sessions. Earlier reports flagged concentrated selling from leveraged casts that sent ripples through perp markets, contributing to price swings across derivatives tokens, including HYPE.

DEX Growth and Exchange Share Gains

Despite price softness, fundamental usage metrics for the Hyperliquid protocol tell a different story. Across 2025, Hyperliquid’s notional trading volume reached approximately $2.6 trillion, nearly double the $1.4 trillion processed by Coinbase, one of the largest centralized exchanges, according to analytics firm Artemis.

The significant growth in the trading volume suggests that traders are increasingly allocating activity to on-chain venues, particularly those offering decentralized perpetual futures.

Further supporting this trend, Hyperliquid’s permissionless perpetual markets (HIP-3) recorded a $5.2 billion daily trading volume, driven in large part by precious metal contracts such as silver.

The juxtaposition of strong underlying volume and a weakening token price underscores the complexity of the current selloff.

If selling pressure persists, the $25–$26 zone will be critical to watch; a breach could expose lower support near $22. Conversely, stabilization above this range could shift sentiment toward accumulation, especially if broader market conditions improve.

In a market where exchange usage and on-chain activity are becoming as important as price alone, HYPEUSD’s ability to consolidate at key levels may prove decisive for its next directional. 

Cover image from ChatGPT, HYPEUSD chart on Tradingview