Hyperliquid’s native token HYPE is trying to recover after several weeks of corrective price action, with the $64 resistance zone emerging as the key level for a potential breakout. The token has been trading inside a falling wedge, a chart pattern often associated with bullish reversals when selling pressure weakens and buyers begin to regain control after a pullback.

The broader picture for Hyperliquid remains mixed. Open Interest has climbed to a record $5.7 billion, pointing to increased participation in derivatives markets. At the same time, weekly active users have declined since June, suggesting that network activity has cooled. The contrast between rising speculative positioning and softer on-chain engagement remains central to whether HYPE can sustain a breakout or face another rejection.

HYPE Price Nears a Technical Breakpoint

After rallying to nearly $72, HYPE moved into a corrective phase and formed a falling wedge marked by lower highs and lower lows. The decline has not developed into a strong bearish trend, as momentum has gradually faded and buyers have repeatedly defended the $56–57 support area.

HYPE is currently trading around $60.40, placing it just below both the wedge’s upper trendline and the $64 horizontal resistance level. That zone has rejected buyers several times over the past month, making it the main level HYPE needs to reclaim before any attempt to move higher.

Momentum indicators show signs that selling pressure is easing. The RSI has recovered to around 45 after moving close to oversold territory, while the MACD histogram continues to contract. That suggests bearish momentum is fading, although a bullish crossover has not yet formed. The technical structure has improved, but confirmation would require HYPE to close decisively above $64.

Derivatives Activity Strengthens as On-Chain Use Slows

Hyperliquid’s network activity, previously one of the platform’s notable strengths, has cooled while derivatives activity has continued to expand. Weekly active users have fallen from nearly 190,000 in early June to around 149,600, indicating a decline in activity over the past several weeks. The drop suggests retail participation has moderated after the platform’s earlier increase in usage.

By contrast, derivatives participation has strengthened. Open Interest has reached a record $5.7 billion, showing that traders are allocating more capital to perpetual futures even as on-chain participation softens. Open Interest measures the value of outstanding derivatives contracts, so a rising figure can signal deeper market participation but also a larger base of leveraged positions that may react quickly to price moves.

This divergence is significant for the current setup. Rising Open Interest typically reflects increased speculative positioning, while falling active users point to slower organic network growth. A more durable rally is generally supported by both rising market participation and expanding user activity. If leverage continues to build while on-chain engagement weakens, HYPE may be more exposed to sharp volatility around major resistance levels, especially if crowded positions are forced to unwind.

Bullish and Bearish Scenarios

A daily close above $64, especially if accompanied by rising volume, would confirm a breakout from the falling wedge and shift short-term momentum back toward buyers. If HYPE reclaims that level, the next major upside area sits near $72, where the token previously encountered strong selling pressure.

If HYPE fails to break above $64, the current consolidation inside the wedge could continue. A decisive move below the $56–57 support zone would invalidate the bullish pattern and increase the likelihood of a deeper correction before buyers attempt another recovery.

Can Hyperliquid HYPE Reach $70?

Hyperliquid’s HYPE token is approaching an important technical turning point. The chart has become more constructive as buyers defend support and the price presses against a key breakout zone. At the same time, record Open Interest reflects stronger derivatives positioning, while the steady decline in weekly active users indicates that speculative activity is currently outpacing network growth.

The $64 level is likely to determine the next phase of price action. A convincing breakout above that resistance would strengthen the case for a retest of $72, while another rejection could keep HYPE in consolidation. For now, the main question is whether improving price action will be matched by a recovery in on-chain activity and whether derivatives positioning remains orderly as HYPE approaches resistance.