Hyperliquid (HYPE) trading volume rose more than 680 percent on major exchanges, and the price recovered to $91. U.Today, a blockchain media outlet, reported on Oct. 30 local time that HYPE rose 15.22 percent over the past 24 hours to trade around $91.41.

The jump in trading was pronounced in the futures market. Futures trading volume was tallied at $13.47 billion, while spot volume was estimated at about $1.0 billion. Open interest stood at $4.02 billion, indicating increased participation in the derivatives market. If the price reverses sharply, expanded futures trading could lead to liquidation risk.

By exchange, Binance recorded the largest daily volume at $3.89 billion. The increase rate was 789.13 percent. Trading volume on Hyperliquid's own exchange was also $3.06 billion, up 738.72 percent.

Technical indicators pointed to a short-term uptrend. On the daily chart, HYPE rebounded from a recent low near $75 and moved back above key moving averages. Volume also rose sharply alongside recent bullish candles, confirming broader market participation. The relative strength index climbed to around 65, strengthening upward momentum, but it has not yet entered overbought territory.

Short-term resistance was suggested in the $94 to $98 range. A break above that band could send the price toward the psychological resistance level of $100. If the uptrend fails to hold, the price could slip to $85, with support below that suggested around $80.

Derivatives fund flows, however, were not as strong as the price rebound. Liquidations over the past 24 hours totaled $32.57 million, and net futures outflows over the past 12 hours were $50.28 million. HYPE's next direction is expected to hinge on whether it breaks above the $94 to $98 resistance zone.