Hyperliquid price holds bullish structure despite $340M unlock — will Coinbase listing boost HYPE further?

Hyperliquid price has stayed resilient above key support levels despite a $340 million token unlock and wider crypto market weakness.

Despite a decline in the overall cryptocurrency market, Hyperliquid is up 2.9% on the day, trading at $34.80 at the time of writing. Most top-100 tokens posted losses, yet HYPE continued to attract buyers, maintaining a strong multi-week run.

The token is up 20% over the past seven days, 25% over the past month, and 36% year-over-year. Over the last week, Hyperliquid (HYPE) has traded between $28.23 and $37.84, showing wide but controlled price movement. Trading activity has surged alongside price, with daily volume jumping 65% to $1.31 billion.

Derivatives data support this trend. As per CoinGlass data, futures volume rose 33% to $5.43 billion, while open interest increased 2.3% to $1.59 billion. Rising price alongside growing open interest points to fresh positioning rather than short covering.

Token unlock pressure meets structural demand

On Feb. 6, roughly 9.92 million HYPE tokens were unlocked, roughly 2.8% of the circulating supply. At current prices, that equals about $340 million. The market absorbed the supply without experiencing major price fluctuations despite the large number of tokens entering circulation. 

According to Tokenomist data, approximately 395 million HYPE, or 40% of the entire supply, have already been made available. The majority of these tokens were reserved for distribution to the community, early ecosystem incentives, and core contributors. 

In a significant change, Hyperliquid also cut the number of team-related unlocks by 90%, resulting in a February allocation of about 140,000 HYPE, or about $4.5 million, instead of 1.2 million tokens. Monthly unlocks of around 9.9 million HYPE are expected through late 2027, though reduced team allocations could continue.

To offset supply pressure, the protocol uses an Assistance Fund that converts about 97% of trading fees into HYPE buybacks. Hyperliquid just posted a record $29 billion in 24-hour trading volume, generating close to $6 million in fees that feed directly into this mechanism.

Another tailwind came on Feb. 5, when Coinbase announced spot trading for HYPE/USD. Trading went live the same day, marking HYPE’s first appearance on a major U.S. exchange.

While HYPE had already been listed on Kraken and Gemini, Coinbase’s reach is often seen as more impactful, especially since it attracts U.S.-based institutional traders.

Hyperliquid price technical analysis

Technically, Hyperliquid’s bullish structure is still present. Price continues to hold above the former range high around $32–33, a level that has flipped into support. This area has now absorbed both market-wide weakness and the recent unlock.

Buyers are taking advantage of pullbacks, as shown by a distinct sequence of higher lows. Since the breakout, the 20-day moving average has served as dynamic support, and the price is still above it. 

Bollinger Bands tightened following the initial rally, suggesting consolidation as opposed to distribution. The relative strength index is above 60, indicating that although momentum has slowed, buyers are still in charge of the trend. 

Downside follow-through after the unlock has been limited. Price hasn’t slipped back into the prior range, and recent red candles are small. This behavior suggests that much of the supply was priced in ahead of time.

If HYPE continues to hold above the $32–33 zone, the setup favors continuation toward the $38–40 area, especially if exchange-driven demand persists. Although the current structure still favors buyers, a clean daily close below that support would weaken the setup and pave the way for a deeper pullback.