HYPE holds near $86 as USELESS listing tests $100 rally

HYPE rose 2 percent to $86.05 on Sept. 9 as Hyperliquid's USELESS perp listing keeps the $100 target in play despite fading momentum. The token recovered from an intraday low near $81.82, moving back toward its record high near $89.

Hyperliquid market data shows open interest across the platform reached a record $14.3 billion, up roughly $3.57 billion over the past month. About 97 percent of fees from the core perpetual market route into HYPE buybacks, creating recurring token demand tied directly to protocol trading volume.

The protocol repurchased and burned 15,350 HYPE worth about $1.32 million in the latest 24-hour period at an average price of $86.17. Cumulative burns have reached roughly 48.45 million HYPE, equivalent to 4.84 percent of the token's maximum supply. The buyback mechanism has kept HYPE trading near record levels despite a scheduled unlock of roughly 9.92 million HYPE, valued at nearly $820 million, on Sept. 6.

Hyperliquid listed perpetual futures for USELESS, a Solana-based meme token with no roadmap or whitepaper, capping leverage at 3x — far below the 50x available on Bitcoin perps. The token trades around $0.30 with aggregate open interest exceeding $100 million across Binance and Bybit. The listing adds to Hyperliquid's 190-plus perp markets and reflects the platform's pattern of responding to community demand.

HYPE's daily chart shows the token holding around $86 after climbing from roughly $52 in early August. The Average Directional Index has climbed to 54.58, confirming strong trend momentum, while Chaikin Money Flow remains positive at 0.15, showing buying pressure has not reversed into net selling despite the pullback from $89.

The immediate resistance zone sits between $88 and $90, where HYPE has repeatedly stalled. A daily close above $90 would leave little visible historical resistance and could open a move toward $95, followed by the psychological $100 level. Reaching $100 from the current price would require an increase of roughly 16 percent.

On the 4-hour chart, HYPE has recovered above its 50-period simple moving average at $84.75 after briefly trading below it. The 100-period SMA sits at $83.23, placing two moving-average supports within roughly $3 of the current price. A 4-hour close below $83 would expose the recent low near $81.82, while a break below that level could bring $78-$80 back into play, with the $75 area as the next major support.

The USELESS listing arrives as traders rotate through smaller altcoins while Bitcoin trades below $80,000. Coinbase began directing Base App users toward Hyperliquid in mid-August, expanding trading access. Hyperliquid's potential entry into the regulated US derivatives market has also remained part of the token's recent price narrative, with discussions around CFTC and SEC no-action relief.

For traders, the setup hinges on whether HYPE can clear $90 on a daily close. A break above that level with CCI returning firmly into positive territory would support an attempt at $95 and then $100. Failure to hold the $84.75 support would shift the bias lower, with the $75 zone representing the key downside test if momentum continues to fade.

This article is for informational purposes only and does not constitute investment advice.