Hyperliquid price eyes $30 breakout on HIP-6 vote

Hyperliquid’s price stabilizes around $28, as traders anticipate a crucial breakout at $30, largely influenced by the proposed HIP-6 token launch.

As of the latest update, Hyperliquid (HYPE) is priced at $28.04, reflecting a slight decline of 0.8% in the last 24 hours. The token has experienced a 5% dip over the past week and is down 17% over the previous month, remaining significantly below its recent highs.

The price has been fluctuating near the top of its weekly trading range, which spans from $25.86 to $30.52, indicative of a potential stabilization following a broader market correction.

Recent trading volume figures stand at $268.9 million, marking a 25% drop from the prior day. This decrease in trading activity suggests that many investors are adopting a wait-and-see approach as the HYPE token approaches a critical resistance level at $30.

According to CoinGlass data, there has been a noticeable cooling in leverage, highlighted by a 4.63% decrease in open interest, now sitting at $1.10 billion. Additionally, derivatives trading volume has fallen by 5.72%. A decline in open interest typically signals that traders are closing positions rather than opening new ones.

HIP-6 Proposal Could Enhance Fee-Driven Buybacks

The focus has shifted to HIP-6, a new Hyperliquid Improvement Proposal unveiled on February 25. This initiative aims to facilitate fully on-chain, permissionless token launches via HyperCore, the project’s underlying layer-1 infrastructure.

Currently, projects that wish to launch tokens on Hyperliquid must do so off-chain and manually provide liquidity. HIP-6 is designed to streamline this process through a Continuous Clearing Auction framework.

Under this system, tokens would be sold gradually at a consistent clearing price, with funds held in custody by the protocol until final settlement. A portion of the proceeds would automatically seed liquidity, while 5% would be funneled into the Assistance Fund.

This aspect is crucial for HYPE holders. Hyperliquid allocates the majority of its protocol fees to the Assistance Fund, which is designated for token buybacks. Should HIP-6 lead to increased token launches, it would likely enhance platform activity, subsequently boosting fee generation and buyback potential.

Technical Analysis of Hyperliquid Price

From a technical perspective, HYPE has transitioned from a short-term downtrend into a consolidation phase, oscillating between $26.3 and $30. The current price maintains this structure above the $26.3 lower boundary. A tightening of the Bollinger Bands suggests decreased volatility in the market.

Breakouts often follow periods of compression, shifting to more volatile movements. Presently, HYPE is trading just below the mid-Bollinger Band, aligning with the 20-day moving average at approximately $29.6. This value represents the initial resistance level that bulls need to reclaim.

The relative strength index (RSI) is hovering around 46–47, placing it slightly below neutral territory. A rise above 50 would indicate that buyers are beginning to regain control. Until that threshold is crossed, market momentum remains balanced yet precarious.

A daily close above $29.6 would be favorable for short-term sentiment. A sustained breakout past the $30 mark would bolster the bullish argument and open up further resistance around $32.8. Surpassing this level would establish a new high on the daily timeframe, marking a clear shift toward a bullish market structure.