Hyperliquid's HYPE Token Finds Footing Near $29–$30 Support Following Token Release

As of December 7, 2025, the Hyperliquid (HYPE) token has shown signs of finding stability, managing to hold its ground within the crucial support band of $29 to $30. This stabilization follows a significant, scheduled token release that commenced on November 29, 2025. The market context for this event has been challenging, marked by intensifying competition within the decentralized perpetual contracts sector from platforms such as Lighter and Aster.

The initial price turbulence was directly linked to the start of the vesting schedule for team-controlled tokens on November 29, operating on a 24-month timeline. Tracking data revealed that on November 30, team wallets unstaked approximately 2.6 million HYPE tokens, valued at roughly $89 million at that time. The Hyperliquid team quickly clarified that this movement was predominantly scheduled vesting for core contributors, distributing 1.75 million tokens. They specifically addressed market concerns by noting the project had not engaged in traditional venture capital funding, thereby dismissing fears related to typical investor unlock events. Furthermore, only a minor fraction of the withdrawn tokens was routed to the market maker Flowdesk or converted into USDC.

Although Hyperliquid held a dominant position earlier in 2025, with some estimates placing its market share in the decentralized perpetual exchange (Perp DEX) sector as high as 70% or 80%, this leadership has inevitably eroded due to the rise of rivals. Nevertheless, heading into the close of November and the start of December 2025, Hyperliquid maintained a substantial lead. It commanded roughly 63% of the total Open Interest (OI) across the leading decentralized platforms. Analysts often view this OI metric as a more reliable gauge of sustained capital deployment compared to simple 24-hour trading volume figures.

Market observers are now keenly watching whether HYPE can reclaim resistance levels situated between $34 and $36, which would signal a durable upward trajectory. Conversely, a drop below the $30 threshold could invite increased bearish pressure. Historically, the market has demonstrated an ability to swiftly absorb supply following such distribution events. Supporting this notion, data indicates that more than 40% of the released tokens were promptly returned to staking, significantly mitigating immediate selling pressure on the open market.

The underlying fundamentals of Hyperliquid remain robust, providing a necessary buffer against short-term price fluctuations. Since its launch in 2023, the platform has been recognized for its high-throughput capabilities, capable of processing up to 200,000 orders per second on its proprietary Layer-1 blockchain, all without incurring gas fees for users. Throughout 2025, the project has continued to evolve, notably implementing key upgrades like HIP-3, which empowers any user to initiate listings for new pairs by staking 500,000 HYPE. The platform’s resilience is further evidenced by its Open Interest peaking at record highs, surpassing $8 billion USD in May 2025. Experts emphasize that the ongoing buyback program and a solid Total Value Locked (TVL) continue to bolster confidence, as Hyperliquid remains firmly focused on serving the needs of professional traders through its architectural design.