**Key Takeaways: What’s the Current Outlook for HYPE Price?**
Hyperliquid (HYPE) price has been stabilizing around the $30 to $35 zone—a crucial area that has previously led to new peaks. This raises the question: will the ongoing buybacks trigger a reversal?
### Will Buybacks Trigger a Reversal?
The buyback program could instill confidence among traders, potentially encouraging more acquisitions and sparking a price reversal. Despite recent flash crashes, Hyperliquid’s price was up by only about 1% in the past 24 hours. Notably, significant drops occurred on the last two Fridays of this month. Yet, prices appear to be settling around key support levels, suggesting that the recent correction might be nearing its end.
Additionally, Hyperliquid’s treasury has been actively running a buyback program.
### Hyperliquid Buybacks Reach $522 Million
According to Tokenomist data, Hyperliquid’s buyback mechanism has accumulated over $522 million worth of tokens since its launch. This accounts for more than 5.6% of the circulating supply. The latest buyback added 4,000 HYPE tokens valued at $140,000, continuing a steady accumulation trend from March through October.
Further insights reveal that approximately 15.26 million HYPE tokens were acquired using protocol fees. Price charts generally show that HYPE’s value increased in line with these buybacks, except for a slowdown starting mid-September. The treasury has been capitalizing on the broader market correction to acquire more HYPE tokens.
### Will HYPE Reverse from This Key Level?
Technical analysis indicates that HYPE recently broke below a key trendline support and has been making lower highs and lower lows, signaling a bearish price structure. The On Balance Volume (OBV) sits at -3.62 billion, and the Chaikin Money Flow (CMF) is at -0.10—both supporting the bearish sentiment.
However, it is encouraging to see the price stabilizing within the $30 to $35 zone. This range previously sparked two consecutive new highs at $50 and $52 following two weeks of consolidation.
The ongoing reduction in circulating supply through buybacks by the Hyperliquid treasury hints at a potential reversal. Still, the broader market remains weak, and an immediate reversal is not guaranteed.
### Spot Traders Stay Quiet While Derivatives See Big Activity
Comparing spot and futures markets reveals an interesting dynamic. Spot average order sizes remain normal, while futures trading is dominated by large whale orders, particularly on Binance, according to CoinGlass data.
Positions with 50x leverage are concentrated between $34 and $36, with cumulative long positions totaling $7.3 million against shorts at $5 million. This suggests a possible price reversal; however, short positions near the accumulation zone pose a risk of further declines.
### Conclusion
Overall, HYPE is trading at a critical juncture that could determine its next move. Holding the $30 to $35 level may trigger a rebound. Conversely, breaking below this zone could lead to additional losses. Traders should watch these key levels closely to gauge Hyperliquid’s direction in the coming weeks.
https://ambcrypto.com/can-hyperliquids-522m-buyback-spark-hopes-of-hypes-rebound
