Hyperliquid ($HYPE) Slips Below $38: Bearish Signal Intensifies
Hyperliquid’s native token, $HYPE, took a sharp 3.4% dip in the last 24 hours, breaking below a crucial $38 support level. This move confirmed a triple-top breakdown, with repeated rejections at the $43 resistance zone now signaling a broader bearish trend.
Trading activity surged, with volume up by 37% to $270 million. Analysts flagged a significant -14.6K delta in one candle — a clear sign of aggressive sell-side pressure. This coincided with a breakdown from the $37–$43 range, previously seen as a key consolidation zone.
Despite the technical weakness, Hyperliquid remains a dominant force in the DeFi derivatives space. With over $1.57 trillion in annual perpetuals volume and $56 million in June revenue, it outpaces several leading blockchains in fee generation.
Institutional players are taking notice. HYLQ Strategy Corp. acquired over 3,500 $HYPE tokens recently, and Hyperliquid’s recent launch of CoreWriter, a HyperEVM-compatible smart contract layer, signals a new wave of dApp innovation.
Furthermore, integrations like Maple Finance accepting $HYPE as collateral, and Okto Wallet’s native mobile app launch, suggest Hyperliquid is far from slowing down.
Technically, however, the road ahead looks choppy. Unless bulls can reclaim the $40+ territory with conviction, the next support lies around $31–$32, aligning with the measured move from the broken rectangle pattern.
With a solid foundation but clear chart weakness, $HYPE’s next moves could define its short-term market direction.
You might also like: Toncoin Surges on UAE Residency Hype—Then Crashes After Official Denial
