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Hyperliquid (HYPE) extended its pullback for a fifth consecutive session, sliding roughly 6% intraday to trade between $45–$46. The decline followed a sharp rejection at a reclaimed trendline, signaling short-term bearish momentum. While the near-term outlook shows weakness, analysts highlight on-chain and market-structure indicators that suggest a potential rebound toward $55–$60 if buyers stabilize the price above key support levels.
Derivatives Turn Bearish, Spot Market Shows Support
Futures positioning for HYPE has tilted defensive, according to Coinglass, with the long-to-short ratio falling to 0.80—its lowest in over a month. This signals that leveraged traders are leaning short into the current weakness.
Technical indicators mirror this cautious sentiment. The daily RSI sits at 45, below the neutral 50 line, while MACD registered a bearish cross. Both point to cooling trend strength.
HYPE recently failed a back-test of a broken ascending trendline, bleeding nearly 7% from Friday to Monday. Analysts note that $39–$40 is the next major support if selling accelerates. On the upside, resistance emerges around $51–$52, where bulls may encounter clustered supply from recent breakdown levels.
Why Bulls Eye $55–$60
Despite the pullback, spot activity remains constructive. Hyperliquid has repeatedly defended the mid-$40s, and previous consolidations above $45–$47 have historically preceded strong continuation moves.
Underlying fundamentals provide further support. Token staking has risen above 660,000 HYPE (around $30 million), and ongoing systematic buybacks are reducing circulating supply. This creates a favorable environment for price appreciation once demand returns.
Additionally, protocol fee revenue of roughly $3 million per day highlights durable usage, even as new perpetual DEX competitors attempt to capture trading volume with incentives. Analyst and community sentiment clusters around $55–$60, suggesting that confidence may rebound quickly if the price reclaims the short-term breakdown area.
Weekly Trading Map and Key Price Levels
Traders are focusing on the $44–$49 range as the immediate trading zone. A daily close above $49 would neutralize the breakdown and potentially open targets at $52, then $55–$60.
Conversely, failure to maintain support around $46–$47 could trigger a retest of $44, while a deeper sell-off risks $39–$40, where dip-buyers may step in. Market participants are also watching internal metrics: orderly funding, contained liquidations, and spot-led buying outpacing leveraged shorts increase the probability of a V-shaped recovery.
Macro Context and Market Position
Hyperliquid continues to command strong open interest and fee traction despite growing competition in the perp-DEX sector, with rivals like Aster temporarily siphoning volume. The protocol’s sticky liquidity and robust market share help maintain investor confidence even during short-term pullbacks.
Macro conditions also play a role. As the broader perpetual DEX market expands, networks with resilient usage and solid fundamentals, like Hyperliquid, are better positioned to weather corrections and capitalize on eventual momentum swings.
Analyst Takeaways
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Short-term bearish: Futures and technical indicators signal cooling momentum.
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Support zones: $44–$46 is critical; $39–$40 represents strong demand.
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Resistance targets: $51–$52 near-term, $55–$60 medium-term if momentum rebounds.
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Supply-side support: Token staking and buybacks reduce circulating supply.
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Macro advantage: Strong fee generation and open interest underpin liquidity.
Analysts suggest that HYPE may be in a temporary pause rather than a prolonged downtrend. A decisive move above $49 could trigger renewed bullish sentiment, potentially validating the $55–$60 target range.
Conclusion
Hyperliquid (HYPE) faces short-term headwinds, having dropped 6% to trade near $45. Bearish signals from futures and technical indicators indicate caution, but supportive spot market activity, token staking, and buybacks provide a foundation for recovery.
Key levels to watch include $44–$49 for support and $51–$52 for resistance. A rebound beyond this could set the stage for a $55–$60 rally, highlighting that while HYPE has cooled, bullish momentum may still be in play.
