Why Hyperliquid’s 17% price drop puts HYPE’s $69 support at risk

Over the last week, Hyperliquid [HYPE] has dropped 17%, trading at $72.49 as of writing. Despite bullish exchange listings on South Korea's Upbit and Bithumb on the 10th of November, the token has struggled to regain ground after falling below $87-$89. The latest price action suggests that sellers have continued to dictate the direction of the market. At the same time, selling pressure has been rising from several directions. On the 31st of October, two large HYPE holders sold $109 million in tokens after Intercontinental Exchange (ICE) released a more relaxed regulatory statement about perpetual Futures. Then, on the 8th of November, Binance reopened HYPE withdrawals, giving holders access to their tokens again after the exchange’s security breach in October.

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