Hyperliquid的看漲延續：重新測試水平和新的挑戰者

高流動性顯示了看漲的跡象，並在分散的衍生品競技場面臨激烈的競爭，並進行了重新測試。炒作的下一步是什麼？

Hyperliquid's Bullish Continuation: Retesting Breakout Levels and New Challengers

Hyperliquid的看漲延續：重新測試水平和新的挑戰者

Hyperliquid (HYPE) is navigating a fascinating landscape. While showing a healthy bullish structure, indicated by a breakout from an ascending triangle undergoing a retest, it's also facing a surge of competition in the on-chain derivatives market. Can it maintain its momentum?

高流動性（HYPE）正在引人入勝的景觀。在展示健康的看漲結構時，通過重新測試的三角形突破表明，它也面臨著鏈衍生物市場的競爭激增。它可以維持其動力嗎？

Retesting the Ascending Triangle Breakout

重新測試上升的三角突破

On September 22, 2025, Hyperliquid (HYPE) experienced a pullback, mirroring the broader cryptocurrency market's weakness after a Fed-driven surge. Despite a 9% daily drop, HYPE is retesting a significant ascending triangle breakout on the daily chart, which is generally considered a bullish sign. Earlier in September, HYPE broke through a horizontal ceiling near $49, surging nearly 66% from its $35.53 base. Now, after correcting over 17%, it's trading around $49.09, right at the breakout level.

2025年9月22日，超流動性（Hype）經歷了回調，反映了富裕驅動的激增後更廣泛的加密貨幣市場的弱點。儘管每天下降了9％，但炒作仍在每日圖表上重新測試三角形突破，這通常被認為是看漲的標誌。 9月初，Hype爆發了近49美元的水平天花板，其基數的價格差不多66％。現在，在糾正了17％以上之後，它的交易價格約為49.09美元，就在突破級別上。

This retest is a classic scenario where previous resistance turns into support. The $48.50–$50 band is now crucial. If buyers step in and defend this level, HYPE could rebound strongly, potentially retesting its recent high of $59.45. A decisive breakout above that high could propel it towards a measured target of $64.23, a potential 30% upside from current levels. Failure to hold this zone, however, could lead to a deeper pullback, with the 100-day moving average near $44.18 acting as the next support.

重新測試是一個經典的場景，以前的阻力變成了支持。 $ 48.50– $ 50的樂隊現在至關重要。如果買家介入並捍衛這一水平，炒作可能會有力反彈，可能會重新測試其最近的59.45美元。高於該高位的決定性突破可以將其推向64.23美元的測量目標，從當前水平上升30％。但是，如果不持有該區域，則可能會導致更深的回調，而100天移動平均線接近44.18美元，作為下一個支持。

The Competition Heats Up

比賽升溫

Hyperliquid, once the undisputed king of on-chain derivatives, faces rising competition. Platforms like Drift Protocol on Solana and Aster, backed by YZi Labs, are challenging its dominance. These contenders offer unique architectural advantages and strategic approaches, aiming to capture market share.

曾經是無可爭議的鏈衍生物之王的超流動性，面臨著競爭的上升。在Yzi Labs支持的Solana和Aster上的漂移協議等平台正在挑戰其主導地位。這些競爭者提供了獨特的建築優勢和戰略方法，旨在捕捉市場份額。

Key Competitors and Their Strategies:

關鍵競爭者及其策略：

• Aevo: Specializes in Ethereum Virtual Machine (EVM) optimistic rollups, focusing on pre-launch futures markets.
• Drift Protocol: Leverages Solana's speed with the Drift Liquidity Provider (DLP) for dynamic liquidity sourcing.
• dYdX: Migrated to its own sovereign blockchain on the Cosmos SDK for unparalleled throughput and order book control.
• GMX: Evolved to V2 architecture with isolated pools for specific assets, attracting institutional liquidity providers.
• Lighter: Employs zero-knowledge (ZK) proofs for cryptographic verification of exchange components.
• Avantis Finance: Operates on Base with a sophisticated risk-management architecture for liquidity providers.
• Aster: Focuses on bridging traditional finance and DeFi with perpetual contracts on stocks, operating on multiple chains.

My Take

我的看法

While the technical analysis suggests a bullish continuation for Hyperliquid, the increasing competition cannot be ignored. The success of HYPE will depend on its ability to innovate and adapt in this rapidly evolving landscape. Its first-mover advantage might not be enough; continuous development and strategic partnerships will be crucial.

儘管技術分析表明對超流動的看漲延續，但不斷增加的競爭不容忽視。炒作的成功將取決於其創新和適應這種快速發展的景觀的能力。它的首要優勢可能還不夠。持續發展和戰略夥伴關係至關重要。

Conclusion

結論

So, will Hyperliquid ride the bullish wave and fend off the competition? Only time will tell. But one thing's for sure: the on-chain derivatives market is getting interesting, and we're here for it! Stay tuned, folks, it's gonna be a wild ride!

那麼，超流動會騎在看漲的浪潮中並抵禦比賽嗎？只有時間會證明。但是可以肯定的是：鏈衍生物市場正在變得有趣，我們在這里為此！請繼續關注，伙計們，這將是一個瘋狂的旅程！