Hyperliquid's HYPE Holds Above $80 as Analysts Split on Downside Risk After Binance Hack
HYPE, the native token of the Hyperliquid perpetual DEX, has held near $85 despite a $6.3 billion Binance hack that drove broad market weakness. Analysts disagree on whether a head-and-shoulders pattern signals a further correction toward $60.
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Price Action Through the Binance Hack
Hyperliquid's native token, HYPE, is trading just below $85 at press time, according to CryptoPotato, and remains positive on both the weekly and fortnightly timeframes. The token rose nearly 10% over the past week, even as the broader market sold off following the $6.3 billion Binance hack. The local peak before that incident was about $96.
Bitcoinist reported an earlier and larger move, saying HYPE rose more than 60% in a single month during a period when Bitcoin and Ethereum struggled. The two outlets cover different windows, so their figures describe different stretches of price history rather than conflicting measurements of the same period.
Analysts Disagree on the Chart
Technical analyst Ali Martinez identifies a potential head-and-shoulders top on the 12-hour chart. He estimates a possible 22% correction if the price closes below a neckline at $76 to $78, with a downside target near a 10-week low of $59. Martinez says the pattern is not confirmed until support breaks, and that a recovery above roughly $90, the high of the right shoulder, would weaken the bearish setup.
Other commentators take a similar view of the same support zone. FOUR | Crypto Spaces said a drop below $77 could push the token toward $60. Token Talk named the $76 to $77 range as the level bulls need to defend, warning that a break would bring a steep decline. These are analyst views rather than confirmed outcomes, and none of the cited sources reports a price target backed by filings or audited data.
Exchange Flows
CoinGlass data cited by CryptoPotato shows HYPE has recorded positive exchange netflows for six consecutive days, meaning more tokens moved onto centralized platforms than left them for self-custody. Flows of this kind are commonly read as bearish because they add to immediate selling capacity, though the signal is not conclusive on its own.
The broader exchange picture shifted sharply after the Binance incident. Users withdrew nearly $4.65 billion from Binance in under 10 hours once withdrawals resumed, against roughly $1 billion in deposits over the same period. CryptoPotato reports Binance's seven-day netflows at about negative $12 billion, while OKX took in roughly $360 million and Bybit about $140 million over the same week.
What to Watch
The $76 to $78 range is the level both the bearish and neutral analyses identify as decisive. A sustained close below it would test the pattern's downside case, while a move back above $90 would weaken it. Exchange netflow data and the pace of Binance outflows are the other inputs analysts cite as the situation develops.
Why It Matters
For Traders
HYPE's reaction to the $76 to $78 support zone will likely set near-term direction, and six days of positive exchange netflows add supply pressure.
For Investors
Binance's large net outflows signal that users are redistributing exchange balances after the hack, which could shift market share among major venues over the coming months.
For Builders
Trust shocks at a dominant centralized exchange are pushing volume toward alternative venues, so integrations and liquidity planning should account for rapid shifts in where flow settles.
This article is for information only and is not financial advice. Read the full disclaimer.
