Hyperliquid的看涨延续：重新测试水平和新的挑战者

高流动性显示了看涨的迹象，并在分散的衍生品竞技场面临激烈的竞争，并进行了重新测试。炒作的下一步是什么？

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

Hyperliquid的看涨延续：重新测试水平和新的挑战者

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?

高流动性（HYPE）正在引人入胜的景观。在展示健康的看涨结构时，通过重新测试的三角形突破表明，它也面临着链衍生物市场的竞争激增。它可以维持其动力吗？

Retesting the Ascending Triangle Breakout

重新测试上升的三角突破

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，超流动性（Hype）经历了回调，反映了富裕驱动的激增后更广泛的加密货币市场的弱点。尽管每天下降了9％，但炒作仍在每日图表上重新测试三角形突破，这通常被认为是看涨的标志。 9月初，Hype爆发了近49美元的水平天花板，其基数的价格差不多66％。现在，在纠正了17％以上之后，它的交易价格约为49.09美元，就在突破级别上。

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.

重新测试是一个经典的场景，以前的阻力变成了支持。 $ 48.50– $ 50的乐队现在至关重要。如果买家介入并捍卫这一水平，炒作可能会有力反弹，可能会重新测试其最近的59.45美元。高于该高位的决定性突破可以将其推向64.23美元的测量目标，从当前水平上升30％。但是，如果不持有该区域，则可能会导致更深的回调，而100天移动平均线接近44.18美元，作为下一个支持。

The Competition Heats Up

比赛升温

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.

曾经是无可争议的链衍生物之王的超流动性，面临着竞争的上升。在Yzi Labs支持的Solana和Aster上的漂移协议等平台正在挑战其主导地位。这些竞争者提供了独特的建筑优势和战略方法，旨在捕捉市场份额。

Key Competitors and Their Strategies:

关键竞争者及其策略：

• 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.

尽管技术分析表明对超流动的看涨延续，但不断增加的竞争不容忽视。炒作的成功将取决于其创新和适应这种快速发展的景观的能力。它的首要优势可能还不够。持续发展和战略伙伴关系至关重要。

Conclusion

结论

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!

那么，超流动会骑在看涨的浪潮中并抵御比赛吗？只有时间会证明。但是可以肯定的是：链衍生物市场正在变得有趣，我们在这里为此！请继续关注，伙计们，这将是一个疯狂的旅程！