Hyperliquid's HYPE token fell into a support zone near $68 even as the platform's third-quarter report showed record open interest and higher revenue. The token has declined for two weeks from above $90, leaving it weaker than the business behind it.
HYPE fell 4.07% to about $68.81 on Saturday, November 14. The drop took it into a zone where the 0.618 Fibonacci retracement at $68.68 sits just below the 200-day exponential moving average at $69.56. The decline extends a two-week slide from above $90.
HYPE slips under its 200-day average
Since HYPE was rejected above $90 in late October, it has traded inside a descending channel of lower highs and lower lows. Saturday's candle dipped below the 200-day EMA, and the 50-day EMA at $79.86 now caps the price.
A daily close below $68.68 would point to $64.59, with $60.96 next if selling deepens. The 14-day RSI reads 31.04, just above the 30 mark usually read as oversold. A close back above $69.56 would put $74.10 and the channel's upper boundary in play.
Open interest hit $16.7 billion in Q3
According to the Hyperliquid Research Collective's report, open interest on Hyperliquid rose 79.9% during the quarter to $16.7 billion on September 30, up from $9.31 billion at the end of June. The report put Hyperliquid ahead of OKX from September 17, and it ended the quarter with 11.7% of tracked open interest.
Protocol revenue increased 21.7% to $190.9 million. Matched trading volume reached $730.6 billion, up 9.3% from the second quarter but 30.5% below the same period of 2025.
Assistance Fund paid $72.93 per HYPE
The Assistance Fund uses protocol fees to buy the token on the open market. In Q3 it spent $148.7 million, 5.7% more than in Q2, yet it bought 26.4% fewer tokens because its average price rose to about $72.93.
HYPE now trades below that level, so each dollar of fees buys more tokens than it did over the summer. The amount of buying still depends on how much trading the platform attracts.
Meanwhile, the report counted about $953 million in net bridge outflows after two straight quarters of inflows, and attributed part of that to profit-taking.
Source: Crypto News Flash
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