Hyperliquid’s HYPE price has fallen more than 3% over the past 24 hours on September 24 as renewed Multicoin Capital transfers to Coinbase Prime raised selling concerns.
CoinGecko showed HYPE trading near $93.80 at the time of writing, after the token fell from above $96 and briefly traded below $92 during the day.
Despite the pullback, HYPE remained up 18.4% over the past seven days and 16.1% over 30 days.
The decline followed a run to a record high of $97.98 on September 23. HYPE had gained roughly 25% from its September 17 level near $78 before sellers emerged just below the psychological $100 level.
Selling concerns picked up after onchain analytics platform Lookonchain reported that Multicoin Capital transferred another 130,331 HYPE, worth $12.15 million, to Coinbase Prime after pausing such transfers for one week.
Multicoin Capital has deposited roughly 4.23 million HYPE worth $285 million to Coinbase Prime since July 28, according to Lookonchain.
Transfers to Coinbase Prime do not confirm that the tokens were sold, as the platform provides institutional custody and execution services, but the latest deposit returned attention to the amount of HYPE being moved by the large holder.
Potential supply from other large holders has come into focus as well. Lookonchain reported on September 24 that five addresses had started unstaking a combined 983,600 HYPE worth $90.44 million.
The largest of the five addresses initiated the unstaking of roughly 391,800 HYPE worth nearly $36 million.
Hyperliquid imposes a seven day waiting period on unstaking, meaning the tokens are expected to become available around October 1 and cannot be sold immediately.
At the same time, derivatives positioning has weakened alongside the spot price which adds another point of concern.
Recent market data showed roughly $3.30 million in HYPE long liquidations, accounting for around 93% of the token’s liquidations over 24 hours, while open interest fell by roughly $74 million over two days.
The combination of a lower HYPE price and falling open interest indicates that leveraged positions were being closed as the token retreated from its record high.
Bitcoin’s pullback from its recent highs has coincided with the decline in HYPE and weakness across the crypto market.
HYPE entered the session with considerably larger recent gains, remaining more than 18% higher over seven days even after the September 24 drop.
HYPE price analysis
HYPE’s daily chart still shows the token trading well above its main exponential moving averages despite the retreat from $97.98.
At roughly $93.26, HYPE remained above the 20-day EMA at $87.12, while the 50-day, 100-day and 200-day EMAs stood at $79.21, $71.24 and $60.50, respectively. See below.
HYPE/USDT 1-day price chart. Source: TradingView.
The ordering of the four averages remains bullish, with each shorter EMA sitting above the longer one.
The 20-day EMA near $87.12 is the first major dynamic support if the current pullback continues.
A daily close below it would bring the 50-day EMA around $79.21 into view, close to the price area where HYPE traded before its latest breakout.
Daily RSI has cooled to 62.84 after moving above 70 during the recent run.
The indicator remains above its neutral 50 level, but its retreat from overbought territory shows that buying momentum has eased since HYPE approached $98.
The shorter timeframe chart gives more immediate levels around the current price.
Fibonacci retracement drawn from the September low at $75.19 to the $98.04 high places the 23.6% retracement at $92.65.
HYPE/USDT 4-hour price chart. Source: TradingView.
HYPE was trading just above this level at $93.34, making the $92.65 area the first support to watch.
A break below $92.65 would expose the 38.2% retracement at $89.31. The 50% level sits at $86.62, followed by the 61.8% retracement at $83.92.
A larger retracement could take HYPE towards the 78.6% level around $80.08.
Momentum on the shorter timeframe has already weakened. The MACD line stood at 0.732, below the signal line at 1.319, while the histogram had fallen to minus 0.587.
The negative histogram and bearish MACD crossover show that momentum has moved in favour of sellers following the rejection near $98.
Holding $92.65 would leave HYPE within the upper part of its latest price range.
A recovery above the recent $94 to $95 area could put $98.04 back in focus, with a clean break above the record high opening the psychological $100 level.
If $92.65 fails, the Fibonacci structure places the next probable targets at $89.31 and $86.62.
The latter sits close to the daily 20-day EMA at $87.12, creating a support zone around $86.60 to $87.10 if selling continues.
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