Hyperliquid price continues its decline yet rising whale accumulation hints at a potential rebound near the $36 support level. Summary HYPE price drops 9% to $37.6, but spot and futures volumes rise sharply. Whale accumulation grows as Hyperliquid buybacks and listings expand. Technicals remain cautious with key support at $36 and resistance at $42. Hyperliquid traded at $37.63 at press time, down 9% in the past 24 hours. The token sits near the lower end of its seven-day range and has fallen 20% over the week and 25% in the past month. It now trades 36% below its all-time high of $59.3 set on Sept. 18. Daily Hyperliquid (HYPE) token trading volume rose 59% to $796.7 million, showing a pickup in market activity. Derivatives volume climbed 38.7% to $2.81 billion, while open interest dropped 7.7% to $1.59 billion. Rising derivatives activity with lower open interest usually means traders are closing or rotating positions rather than building new long exposure, often a sign of short-term caution or upcoming volatility. Whale accumulation and ecosystem strength An on-chain analysis from CryptoQuant contributor EgyHash, published on Nov. 3, shows clear signs that large holders are accumulating. Spot volume growth and rising average order sizes point to accumulation behavior by big accounts. Futures data mirror that trend with growing average order sizes, suggesting institutional or high-net-worth traders are also stepping in. You might also like: Hyperliquid Strategies seeks to raise $1B to boost HYPE holdings Adding to the bullish activity, Hyperliquid’s ecosystem channels a large share of protocol fees into buybacks. The Assistance Fund has repurchased more than $340 million so far this year and continues to buy regularly. Monthly buybacks of about $65 million and planned delegated programs could add meaningful demand by year’s end. Additional tailwinds are being generated by infrastructure improvements and exchange listings. Bybit, OKX, and Robinhood Europe have all added HYPE trading pairs, and Bitget Wallet’s HyperEVM bridge has attracted USD Coin (USDC) liquidity worth over $4.5 billion. These moves, combined with exchange-traded fund filings by 21Shares and Bitwise, have drawn institutional attention that could amplify the rebound narrative if momentum returns. Hyperliquid price technical analysis HYPE is trading below the middle Bollinger Band on the daily chart, which is around $41. Cooling momentum is indicated by the price almost hugging the lower band. The MACD is still negative, momentum indicators are largely bearish, and the relative strength index at 40 shows slight weakness. Hyperliquid daily chart. Credit: crypto.news Most short- and mid-term moving averages (10–100 day) are above the price and trending lower, confirming a short-term bearish structure. The $36–$38 range is crucial since its around the 200-day estimated moving average. A daily close below $36 could invite deeper selling toward $32, where previous buyers emerged. Resistance is located between $41 and $42 if bulls defend this level. A breakout above that area might cause the market to pick up steam, targeting $49 and potentially $55 if whale accumulation continues. Read more: Hyperliquid pushes back on FUD over revenue vs. trader focus