Hyperliquid HYPE Bears Bullish Structure

HYPE stock remains at levels close to $81.63 and maintains itself above moving averages despite strong momentum into 2026.
HYPE stock maintains important supports despite Hyperliquid making record token buybacks into 2026.
The stock of HYPE encounters resistance despite being at its highs amid $370 million buybacks this year.

Hyperliquid HYPE is currently trading at around $81.63 after registering an advance of 1.99% in the last seven days, while its market cap has been estimated at about $20.54 billion.

The token has entered the consolidation period after hitting a high level of $86.00, marking its breakout from the consolidation pattern formed around $56.50.

On the other hand, Hyperliquid has become the top buyer of cryptocurrency tokens in terms of repurchasing, which saw the company spending about $370 million to buy back HYPE tokens in 2026, as per the information shared by Allium Labs on Financial Times.

Hyperliquid HYPE Retains Bullish Technical Setup

From the daily chart of the Hyperliquid USD pair, we observe that the crypto is trading above its crucial exponential moving averages. The 20-day EMA is seen at $73.96, then there is the 50-day EMA at $66.99, 100-day EMA at $61.82, and finally, 200-day EMA at $51.86.

Source: Trading View

The positioning is such that the shorter moving average is placed above the longer one. In addition, the 20-day EMA forms a dynamic support for HYPE.

The token previously broke above its consolidation structure near $56.50 and continued higher. Price later moved toward the $93.67 upper Bollinger Band before entering a pullback and consolidation phase around $81.58.

The 20-day simple moving average now is at $71.69. HYPE is above this level, but the 14-day Relative Strength Index is measured at 66.31. The signal line is at 72.58, and it shows that the RSI has fallen from overbought levels previously reached.

Important Support Levels Stay Relevant

HYPE is above the $72.94 level that turned into an important support level after the breakout. A move below this level would place attention on additional technical support.

The longer-term downside support floor is around $51.10, while the broader structural zone extends between approximately $51.86 and $56.50. The Auto Fibonacci extension identifies levels at $52.80 and $49.61 for the 0.236 and 0.382 retracements, respectively.

The current technical structure therefore places the $73.96 20-day EMA among the key short-term levels. Recent price action has remained above that area while HYPE consolidates below its recent highs.

The Bollinger Band structure also shows the scale of the previous move. HYPE had compressed near the lower band around $50.00 before advancing toward the upper band at $93.67.

Hyperliquid Leads 2026 Token Buybacks

The technical developments come as cryptocurrency projects have recorded a sharp increase in token repurchase activity during 2026. Projects have spent a reported $638 million on token buybacks year-to-date, compared with $545 million during the same period in 2025 and $366,000 in 2024, according to Allium Labs data cited by the Financial Times.

Hyperliquid accounted for roughly $370 million of the reported 2026 total, while Pump.fun accounted for nearly $200 million. Token buybacks refer to the process whereby token-related projects use money to buy back their tokens. The process is akin to that of share buyback by public firms, which entail a company buying its shares.

Hyperliquid has reportedly directed about 99% of its revenue toward token buybacks. The protocol reported $169 million in second-quarter revenue on August 6 and allocated $141 million toward HYPE buybacks.

Buyback Activity Expands Across Crypto

Other cryptocurrency projects have also introduced or considered buyback mechanisms. The Ethena Foundation opened a vote on a fee-switch proposal under which 95% of net revenue paid to it from Ethena’s core business lines would be used to repurchase ENA tokens.

The ENA token gained 10.7% on the day after the proposal was announced. Pump.fun, meanwhile, allocates about 50% of its net protocol revenue toward token repurchases.

The total annualized revenue of the memecoin launchpad amounts to about $420 million based on the average daily revenue generated by the company over the past 90 days.

The reported figures place Hyperliquid and Pump.fun at the center of the 2026 increase in crypto token buybacks. HYPE and PUMP have also outperformed the broader cryptocurrency market decline so far in 2026.

Bitwise Chief Investment Officer Matt Hougan said earlier in August that crypto valuations could double over the next two years as protocols increasingly use revenue for token buybacks and burns.