The Hyperliquid (HYPE) token is facing increased selling pressure after breaking a key price channel, with analysts monitoring critical support and resistance levels. According to market data, HYPE trades near $37.60 with a significant surge in trading volume. Technical indicators suggest cooling momentum as traders watch for a potential move toward $32 or a recovery above the $39-$40 zone.
The Hyperliquid (HYPE) token declined after retreating from recent highs, remaining below a critical resistance area. At press time, CoinMarketCap data shows HYPE trading at $37.60 with a trading volume of approximately $477 million.
Analyst Suryapro highlighted that HYPE broke down from a four-hour ascending channel, weakening its short-term structure. “The bear case is valid as long as HYPE is below the $40 mark,” the analyst stated, noting a potential decline toward $30-$26.
Another analyst, Bit Bull, mentioned increasing downside pressure with a target near $32. The analyst also noted a bullish possibility if the token sustains above $38.31, potentially leading to a recovery toward $45.
Derivatives data shows HYPE’s trading volume increased to $1.87 billion with open interest at $1.60 billion. The funding rate indicates leveraged positions remain slightly positive.
Technical indicators show the Relative Strength Index (RSI) at 57.22, indicating cooling momentum from recent peaks. The Moving Average Convergence Divergence (MACD) indicator also signals slowing momentum on the daily chart.
Market focus remains on whether HYPE can reclaim the $39-$40 price range. Analysts continue to monitor the identified downside levels as the token’s structure is tested.
