Hyperliquid (HYPE) Trading Volume Surges Two-Fold in 24 Hours

Hyperliquid token HYPE's trading volume on major exchanges surged nearly double within 24 hours, but the price fell about 8% to around $55. According to blockchain media Today, despite a surge in trading participation, price weakness indicated aggressive two-way trading. Trading was heavily concentrated on Binance, where HYPE's daily volume exceeded $500 million, followed by Hyperliquid, LBank, Bittrex, and OKX. The simultaneous rise in spot and derivative trading after recent price declines suggested ongoing position adjustments amid volatility resumption. Approximately $15.3 million in positions were liquidated in the past 24 hours, with most being long positions and minimal short liquidations. The key support level remains near the 200-day EMA at around $50. If this support holds, a rally could extend to the $57-$61 range. A break below this level could trigger further corrections and potentially erase gains from the first half of 2026.