Hyperliquid Faces Its First Real Crash Test — Will the $HYPE Unlock Break the Rally?
Hyperliquid faces a major test in November with a large HYPE token unlock, balancing potential sell pressure against strong on-chain revenue.Summary
Hyperliquid (HYPE), a leading on-chain perpetual DEX, is approaching its first significant stress test in November when a substantial amount of HYPE tokens, representing about 2.66% of the circulating supply, will be unlocked. This event raises concerns about potential dilution and sell pressure, which technical analysis suggests could lead to a price correction toward $20, with some traders observing controlled selling.
Conversely, Hyperliquid demonstrates strong fundamentals, recently leading all blockchains with over $2.2 million in 24-hour trading fees, capturing up to 33% of total blockchain revenue earlier in the month. This substantial on-chain revenue could be used for token buybacks or burn mechanisms to mitigate the supply shock from the unlock.
The outcome hinges on whether the team effectively utilizes this revenue to support holders, rather than relying solely on short-term unlock hype. If Hyperliquid proves its model is sustainably profitable, the November unlock could serve as a revaluation milestone for the promising DeFi project.
(Source：BeInCrypto)