Hyperliquid (HYPE) traded at $72.53 on Friday, down 26% from its all-time high of $97.99 set on September 23, as the token tested critical support near $69.91 intraday. The $68–$70 support zone, where the 200-day moving average, ascending channel floor, and 0.5 Fibonacci level converge, faced renewed selling pressure.

Two large wallets offloaded approximately $109 million of HYPE on October 31, adding to downward momentum. However, protocol fundamentals remained resilient, with Hyperliquid generating $68.68 million in revenue over the past 30 days—on an annualized run-rate of roughly $825 million—distributed to holders through buybacks. The buyback mechanism absorbed the $109 million seller pressure, equivalent to roughly seven weeks of current revenue flow.

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