Hyperliquid’s HYPE trades near $65.60 on July 13, down over 2% for the day after another rejection at important resistance, while the platform underneath the token keeps setting records.
Key Takeaways
- HYPE was rejected again at the 0.236 Fib near $67.8, breaking below its local trendline with the 50-day SMA at $65.32 as the holding support.
- RWA open interest on Hyperliquid reached a record $3.6 billion, with total OI at $11 billion, a 2026 high.
- Hyperliquid Strategies and Hyperion are the only digital asset treasuries with positive unrealized PnL, per Artemis data.
Another Rejection, but the Uptrend Keeps Its Floor
The chart shows a token stuck between a ceiling that keeps working and a floor that has not failed. Coindoo owner Filip Vantchev wrote on X that HYPE “continues to get rejected at the 0.236 Fib Resistance,” near $67.8, and that the rejection combined with a break below the local trendline “shifts momentum slightly in favor of the bears.” The qualifier matters: the 50-day moving average at $65.32 is still providing support, price is sitting almost exactly on it, and the broader uptrend from the $35.74 base remains intact.
Vantchev’s two scenarios bracket the range:
- Bullish scenario: A break above the 0.236 Fib near $67.8, followed by a successful retest as support, could extend the uptrend toward the previous highs near $76.90.
- Bearish scenario: If the 50-day SMA at $65.32 fails to hold, HYPE could pull back toward $62, where the 0.382 Fib provides the next major support.
With the daily RSI near 49, momentum is neutral enough that neither scenario carries a head start.
The decline is probably not entirely HYPE-specific. It also reflects the broader macro backdrop, with Bitcoin itself breaking below its rising channel and adding pressure across the sector.
The Platform Is Outrunning Its Token
The tension in the setup is that the business metrics point the opposite direction from the price. Hyperliquid wrote on X that real-world asset open interest on the platform reached a new all-time high of $3.6 billion, while total open interest hit $11 billion, its highest level of 2026. The RWA figure is the more strategic of the two: it means the venue best known for crypto perpetuals is becoming a meaningful derivatives market for tokenized traditional assets, the fastest-growing segment of the year, and doing it in the same month Robinhood Chain briefly took its daily DEX volume crown.
Real-world asset (RWA) open interest on Hyperliquid reached a new ATH of $3.6B
Total OI reached a new high for 2026 of $11B pic.twitter.com/FJyeuUq0ya
— Hyperliquid (@HyperliquidX) July 13, 2026
The link between those records and the token is mechanical rather than sentimental. Hyperliquid routes the overwhelming majority of its trading fees into its Assistance Fund, which continuously buys HYPE on the open market, so rising open interest feeds directly into a structural, volume-driven bid under the token. Record OI does not guarantee a rally, but it raises the floor the buybacks build over time, which could be a part of why the 50-day has held every test of this advance so far.
The Only Treasuries Above Water
Artemis data shows that among digital asset treasury companies, only Hyperliquid Strategies and Hyperion hold positions with positive unrealized PnL, while the rest of the sector, led by Strategy’s roughly $9.8 billion paper loss, sits underwater on its average cost basis.
For HYPE, that detail removes a supply risk that currently might be hanging over Bitcoin and Ethereum: treasuries in profit face no balance-sheet pressure to liquidate, unlike the distressed cohort whose possible selling the broader market can start to price in.
What we have for now frames the week ahead simply. The token has record platform usage, a mechanical buyback bid, and profitable treasury holders stacked against a chart that keeps failing at $67.8. The daily close could provide the first hint about direction, while tomorrow’s U.S. CPI release may determine whether the broader macro backdrop reinforces or reverses that signal.
Alex is Editor-in-Chief of Coindoo and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets – crypto first, then everything else.
It started in 2016 with Bitcoin. Like most people at the time, he didn’t fully understand it – so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can’t properly understand one without the other.
What drives him is straightforward: he wants to know why something is happening, not just that it’s happening. Most market coverage stops at the headline – price up, price down, here’s a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn?
He holds a degree in Tourism from New Bulgarian University – not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That’s probably why he hasn’t stopped.
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