Hyperliquid Stalls Below $50 as Technicals Flag a Pause

Overview

• HYPE is consolidating around $47–$49 after a strong weekly run, with a TD Sequential sell signal and cooling momentum readings pointing to a short-term breather.
• Derivatives activity remains heavy, with futures open interest reported near $1.93–$1.97 billion and robust trading volumes indicating active two-way positioning.
• On-chain data shows unusual strength as Hyperliquid leads major networks by transaction fees, with recent readings citing roughly a one-third share of sector revenue.
• The HIP-3 mainnet upgrade enabling permissionless perpetual markets has seen more than 1 million HYPE staked and an estimated $180 million lift in daily volume.
• Large buybacks topping $100 million over 30 days support price, while a Nov. 29 unlock of 237.8 million tokens, rapid traction at Binance-backed Aster, and a proposed $1 billion treasury vehicle present key near-term variables.