HYPE Token Comes Under Pressure After Surge to $97

The HYPE token of the decentralized trading platform Hyperliquid lost some of its recent gains after reaching around $97 on October 29, 2026. Amid changing price dynamics, crypto analyst Ali Martinez suggested further decline of the asset based on the formation of a reversal pattern on the chart.

The sharp rise in HYPE occurred after Intercontinental Exchange (ICE), the owner of the New York Stock Exchange, announced an agreement with the trading platform TradeXYZ. The companies intend to create a regulated perpetual futures market in the US using Hyperliquid's infrastructure.

ICE also plans to invest in TradeXYZ, but the launch of the new market depends on obtaining the necessary approvals from US regulators.

After rising to $97 on October 29, HYPE began to decline. Over the next 6 days, the token lost about 14% from its intraday high. Previously, the price had already dropped to $75.17, and attempts to consolidate above $98 were unsuccessful.

Analysts consider the possibility of further correction

Crypto analyst Ali Martinez on November 2 noted the formation of a possible "head and shoulders" reversal pattern on the 12-hour HYPE chart. In technical analysis, such a model may indicate a weakening of the upward trend, but it does not confirm a future decline on its own.

According to Martinez, confirmation of the scenario requires the completion of a 12-hour trading candle below the price zone of $76–78. In this case, the analyst suggests a move to $62, and then to $59. A decline from the lower boundary of the specified zone to $59 would be about 22%.

However, this scenario remains conditional. If the price holds above the considered level or returns to previous highs, the formation of the reversal pattern may not be completed.

An additional factor remains the distribution of liquidity in the derivatives market. According to the author of the original analysis, after HYPE fluctuated in the range of $75–99, significant volumes of potential liquidations formed around $95.5, while the next noticeable liquidity zone is near $74.

Despite the short-term decline, analysts still characterize the weekly dynamics of HYPE as predominantly upward.

In the broader cryptocurrency market, asset performance since the beginning of the year has varied significantly. According to Bitwise's Chief Investment Officer Matt Hougan on November 2, the median return of the 20 largest crypto assets in 2026 was −15%, while the average was +14%. Among the assets that provided a significant portion of the positive dynamics, he highlighted HYPE and ZEC.

The further movement of HYPE remains uncertain. Martinez's technical scenario is not confirmed, and the ICE and TradeXYZ agreement has not yet led to the launch of a new regulated market in the US.