HYPE Targets Break Above $36.64 Resistance After Solid Wave-2 Pullback

Key Insights:

• HYPE shows strong recovery from $26 support zone, targeting $36.64 resistance breakout.
• Hyperliquid generates $2M+ in fees with decentralized perpetual markets active even weekends.
• 41.71 million HYPE tokens burned, reducing supply and boosting potential for price increase.

HYPE, one of the cryptocurrencies gaining attention recently, is seeing progress in its price movement. The market has been making strong advances since January. The recent correction tested key support levels, giving rise to expectations of a potential breakout above critical resistance levels. If the price can break and sustain above this level, it could signal a larger upward trend for the asset.

Market Movement and Key Levels

HYPE’s price has shown consistent positive action after its wave-2 retracement. The market produced a clean 5-wave advance, followed by a clear 3-wave pullback. According to market analysis, this correction tested the typical support zone around $26 USD, which aligns with the 61.8% retracement. 

As the price holds above this support, it suggests that HYPE’s bullish structure remains intact. As long as the January 21 low of $20.50 holds, the bullish outlook will stay in place. Traders are closely monitoring whether the token will break above the $36.64 resistance level.

A break above this level would indicate that the market could be forming a more stable base for continued growth. If the price fails to break resistance, another test of the support zone near $26 is likely. The situation remains fluid, and traders should watch for any changes in the price action closely.

On-Chain Developments and Fee Burn

Meanwhile, Hyperliquid has been seeing consistent performance, generating over $2 million in fees within 24 hours. The platform’s innovative approach, such as keeping decentralized perpetual markets open even on weekends, is fueling its growth. 

“Based on Mike S “On-chain commodities perps, especially during times when traditional finance markets are closed, have become attractive to traders.”

Moreover, Hyperliquid has implemented its HIP-3 update, which allows builders to deploy perpetual markets with a 50% fee share. In total, 41.71 million in the tokens, worth over $1.3 billion, have been bought back and burned, helping reduce the circulating supply. As this burn continues, the supply reduction could add further upward momentum to the token’s price.