Hyperliquid's HYPE traded near $56.80 on Aug. 7, up about 2.5% in 24 hours and roughly 11% above its weekly low, after second-quarter results showed $169 million in revenue, $141 million allocated to token buybacks and $213 billion in HIP-3 real-world asset (tokenized traditional asset) perpetual contract volume. The rebound from the $51-$52 support zone pushed price back above the 4-hour Supertrend level near $54.44, although the token remained about 26% below its June record near $76.70 and its net seven-day gain was closer to 3.7%. Traders are watching whether a daily close above $57.30 can confirm a break from the descending channel in place since early July and open the way toward $60, while a move below $54.40 could bring $52 and $50 back into focus. JPMorgan analysts also warned that momentum in HYPE-linked investment products weakened after strong May and June inflows, with a reported 12-session outflow streak of about $29.8 million through Aug. 3 and rising competition from regulated derivatives and prediction-market platforms, according to Blockhead. Buyback support and firmer short-term momentum have improved sentiment, but an overbought daily Stochastic RSI and a fully diluted valuation (value using total eventual supply) near $54 billion versus a circulating market capitalization of about $12.6 billion remain longer-term risks.