49.87 Million HYPE Burned in a Day: Can Buyers Now Reclaim $95?

Three Things to Know

• Hyperliquid burned a large share of its max supply in one day as ICE tied Wall Street derivatives to its technology.
• HYPE has cooled from its post-news spike, yet momentum indicators still favor buyers.
• A ceiling just below $96 now separates a pause from a fresh leg higher.

Hyperliquid destroyed a large slice of its token supply on October 29, the same day the parent of the New York Stock Exchange backed a venture built on its technology. The two events lifted HYPE into the top 10 by market value.

The token has since given back part of that spike. Traders now want to know whether the burn and the Wall Street link can carry buyers through the next ceiling, or whether profit-taking runs deeper.

Wall Street's ICE Deal Pushes Hyperliquid Into the Top 10

Intercontinental Exchange, the parent of the New York Stock Exchange, announced on October 29 a strategic investment in Trade[XYZ]. The partnership aims to bring regulated, round-the-clock perpetual futures to US users, built on Hyperliquid technology. Billionaire investor Stanley Druckenmiller publicly endorsed the deal. Elon Musk replied with one word: "Interesting."

Hyperliquid burned 49.87 million HYPE the same day, according to on-chain data. That removed about 5% of the token's 1 billion max supply. Holders got a supply cut on top of steady income. The protocol has earned $1.38 billion in lifetime revenue. It paid holders $16.5 million over seven days, more than any other chain.

Trading activity backs that up. Open interest stands near $7.87 billion, and daily perpetual volume recently reached $17.4 billion.

HYPE rallied about 25% in three days and briefly touched nearly $98 after the ICE news. Its market cap hit $21.78 billion, pushing it past Zcash into the top 10. The move came as the wider market reeled from a $6.3 billion Binance hack. That hack set off $1.53 billion in liquidations.

The Uptrend Holds Even as the Rally Gives Back Ground

Hyperliquid (HYPE) daily price with the nearest support (green) and resistance (red). Source: TradingView

HYPE now trades near $88.61, down about 2% over the past 24 hours. The token has slipped back from its post-news peak, but the pullback so far looks modest. Buyers took profits after a sharp run, and sellers have not pressed much further.

The broader trend still points up. Price sits above the 50-day moving average near $82.46, which tracks the average close over roughly two months. It also holds well above the 200-day average around $68.59. Both lines now act as floors under the market, and the shorter one is the first to watch on any deeper dip.

Weekly and monthly returns diverge. HYPE is up about 15% over seven days, a strong showing in a shaky market. Over 30 days, though, the token is still down roughly 3%.

The rally has mostly repaired an earlier slide, and HYPE has yet to break out of its range for the month.

Price has not lost either moving average, and no lower low has formed on the daily chart. The uptrend structure remains in place.

Buyers Keep Momentum Without Tipping Into Excess

The daily RSI, a 0 to 100 gauge of momentum, reads about 61. That puts HYPE in strong territory, well clear of the neutral zone. It also sits below 70, the level where traders start to call a market overheated. Buyers still have room to push before the token looks stretched.

Other signals point the same way. The MACD, which compares short and longer-term price averages, remains above its signal line. Momentum is still building after the pullback.

Trend strength readings also show a real trend in place, and buyers are the ones leading it. Sellers have trimmed the peak, but they have not taken control. The recent dip looks like a pause inside an advance.

$95.27 Is the Ceiling Standing Between HYPE and $101

Resistance sits near $95.27, the level that stalled the latest push. Sellers stepped in there after the ICE news faded, and price has drifted lower since. A close above that ceiling would show buyers have absorbed the profit-taking.

That break would reopen the path toward the next barrier around $101. On the way, HYPE would retest the post-news high area, where early buyers may look to sell again.

On the downside, first support near $84.59 is the line bulls need to defend. It sits just above the 50-day average, so the two form a layered floor.

Losing that support would expose the next one around $75.58. A slide that deep would erase much of the recent gain. It would also suggest the ICE rally is unwinding rather than pausing.

Which Way Over the Next Three Days?

Two clear levels frame the next three days. The first close beyond either should set the direction.

• Bullish: A move above the recent ceiling would confirm that buyers have absorbed the selling. That opens a run toward the next barrier, near the $100 mark. The setup fails if price drops back under first support.
• Bearish: A daily close below first support would break the layered floor. That points to a slide toward the lower support zone. The setup fails if buyers reclaim the ceiling.

Fundamentals Back the Bulls as the Ceiling Decides

The supply burn and the ICE tie-up give buyers the edge, and that edge holds as long as HYPE stays above the 50-day line. Strong fees and holder payouts add weight to the bullish case.

Stress from the Binance hack lingers, and heavy leverage on Hyperliquid could trigger a fast flush that erases the recent gains.