Hyperliquid (HYPE) remains under bearish pressure after losing a key support level, raising concerns about further downside. However, Hyperliquid continues to dominate decentralized perpetual trading, highlighting strong trader activity and reinforcing the platform’s growing position in the broader derivatives market.
As of now, according to CoinMarketCap data, HYPE is trading at $80.11, recording a 3.46% decline over the past 24 hours and a 0.12% drop over the past week.
HYPE Breaks Key $82 Support as Analyst Warns of Potential Drop to $60
According to a prominent crypto analyst, Crypto Patel, HYPE could be preparing for a deeper correction after losing a crucial support level. The analyst said HYPE previously relied on $82 as support before climbing toward $87 and subsequently dropping back to around $78.50.
The analyst now believes the broken $82 support could turn into resistance during any recovery attempt. A move toward the $84–$85 range may offer a potential short-entry opportunity, while continued weakness could increase selling pressure and expose HYPE to significantly lower levels.
According to the bearish setup, a sustained move below $87 could eventually send HYPE toward $60, followed by a possible decline toward $50. These targets represent the analyst’s technical expectations and are based on the token’s recent breakdown and changing support-resistance structure.
However, the bearish outlook would be invalidated if HYPE manages to secure a four-hour candle close above $87. Until that happens, the analyst remains cautious on the token, warning that another breakdown could trigger a sharp downward move in the near term.
Hyperliquid Leads Perpetual DEX Market as Trading Volume Hits $249.2B
Despite the bearish price setup and the potential downside toward $60 and $50, Hyperliquid continues to maintain a commanding lead in perpetual decentralized exchange activity, recording $249.2 billion in notional volume as of August 28, 2026, far ahead of competing platforms.
The figures show tradeXYZ in second place with $106.0 billion, meaning Hyperliquid’s volume was more than twice that of its closest competitor. Aster followed with $49.3 billion, while Lighter and Kalshi recorded $38.8 billion and $35.8 billion, respectively.
Other platforms remained significantly behind the leaders. edgeX posted $31.8 billion, followed by GMX at $11.4 billion, Ondo Finance at $5.5 billion, Polymarket at $4.4 billion, and SynFuturesF at $2.2 billion in notional perpetual DEX volume.
The gap highlights Hyperliquid’s strong position within the perpetual DEX market, with its reported $249.2 billion volume exceeding the combined figures of several smaller platforms. The data suggests substantial trading activity remains concentrated on Hyperliquid, reinforcing its growing prominence in decentralized derivatives markets.
