Hyperliquid price trades near $28 as traders watch a potential $30 breakout driven by the HIP-6 token launch proposal.

Hyperliquid (HYPE) is trading at $28.04 at press time, down 0.8% over the past 24 hours. The token has fallen 5% in the last week and is lower by 17% over the past 30 days, keeping it well below its recent highs.

Price is hovering near the upper end of its weekly range between $25.86 and $30.52, showing signs of stabilization after a broader pullback.

In the last 24 hours, trading volume reached $268.9 million, a sharp 25% decline from the previous day. That drop in activity suggests some traders have stepped to the sidelines as HYPE approaches a key resistance zone near $30.

CoinGlass data shows leverage cooling rather than building. Open interest has fallen 4.63% to $1.10 billion, and derivatives volume is down 5.72%. When open interest declines, it typically means positions are being closed instead of added.

HIP-6 proposal could strengthen fee-driven buybacks

Attention has shifted to HIP-6, a new Hyperliquid Improvement Proposal introduced on Feb. 25. The proposal would allow fully on-chain, permissionless token launches directly on HyperCore, the network’s layer-1 infrastructure.

Today, projects launching tokens on Hyperliquid must raise funds off-chain and manually seed liquidity. HIP-6 aims to streamline that process through a Continuous Clearing Auction system.

Tokens would be sold gradually at a uniform clearing price, with funds held in protocol custody until settlement. A portion of the proceeds would automatically seed liquidity, while 5% would flow to the Assistance Fund.

That detail matters for HYPE holders. Hyperliquid directs the vast majority of protocol fees into the Assistance Fund, which is used for token buybacks. If HIP-6 leads to more token launches, it could drive higher platform activity, increasing fee generation and buybacks.

Hyperliquid price technical analysis

On the chart, HYPE has moved out of a short-term downtrend and into a consolidation range between $26.3 and $30. The price is maintaining the structure by remaining above $26.3, which is the lower limit of that range. A narrowing of the Bollinger Bands indicates less volatility. 

When the price breaks out, periods of compression frequently result in sharper moves. HYPE is currently trading just below the mid-Bollinger Band, which aligns with the 20-day moving average near $29.6. That level is the first barrier bulls need to reclaim.

The relative strength index sits around 46–47, slightly below neutral. A move above 50 would signal that buyers are regaining control. Until then, momentum remains balanced but fragile.

A daily close above $29.6 would improve short-term momentum. A sustained move above $30 would strengthen the breakout case and expose the next resistance zone around $32.8. Clearing that area would mark a higher high on the daily timeframe and shift the broader structure more clearly upward.