An Elliott Wave interpretation suggests that the correction may have completed near this zone, leaving room for another advance if Hyperliquid can maintain a sequence of higher highs and higher lows.
The setup remains conditional rather than confirmed. A recovery above the recent resistance levels would strengthen the bullish case, while a sustained break below $50.70 could invalidate the current wave count and expose HYPE to another period of consolidation.
Recent market data also shows that Hyperliquid remains one of the most active venues in decentralized perpetual futures. DefiLlama data puts Hyperliquid’s 24-hour perpetual volume at about $9.3 billion, with open interest above $10.8 billion. Its 30-day perpetual volume stands near $184.7 billion.
Current Market Structure
The Hyperliquid price reached a high of approximately $76.67 before entering a corrective phase. According to the Elliott Wave analysis from Kap_Waves, the decline developed as a complex correction and eventually reached the $50.70 region.
HYPE fell from around $76.67 into a corrective phase that reached $50.70, a key level viewed as the potential completion of Wave (iv). Source: Kap_Waves on TradingView
The analyst identifies that level as the proposed completion of Wave (iv). In this interpretation, the subsequent recovery could represent the early stages of Wave (v), which would be the final impulsive leg of the larger sequence.
The $50.70 level therefore has significance beyond being a conventional horizontal support. A sustained hold would preserve the current bullish Elliott Wave structure, while a decisive move below it would require the wave count to be reconsidered.
HYPE’s broader market structure is also supported by continued activity across the Hyperliquid ecosystem. The network’s perpetual markets have processed trillions of dollars in cumulative volume, while current open interest remains substantial.
The token also has direct utility within the network. HYPE can be staked to validators, and the staking mechanism contributes to network security. Hyperliquid’s documentation states that HYPE staking operates through HyperCore under a delegated proof-of-stake model.
Bullish Scenario
The primary bullish scenario assumes that HYPE has completed Wave (iv) around $50.70 and is now developing Wave (v).
Under this interpretation, the next important technical hurdle is the previous high near $76.67. A sustained breakout above that level would provide stronger confirmation that the corrective phase has ended and that the broader uptrend is resuming.
Kap_Waves identifies $99.42 as the first major upside target, followed by an extended target around $116.57. These levels represent technical projections rather than established price objectives, and reaching them would require the price to clear several layers of resistance along the way.
Another technical analysis shared by thatsavibe_eth focuses on the 0.786 Fibonacci retracement. The trader noted that the price had broken out of a large pennant before returning to test the breakout area. A larger ascending triangle was also identified as a possible developing structure.
The key confirmation in that analysis is a reclaim and hold above the 0.786 level. A successful move could strengthen the continuation setup, while rejection could trigger another retracement before the next directional move.
HYPE/USD is testing a downward-sloping resistance line, with a breakout potentially opening the path toward the $89 target. Source: @DonWedge via X
A separate chart shared by crypto trader @DonWedge places attention on a descending resistance line and identifies $89 as a potential target if that barrier is decisively broken. The level sits between the previous high and the higher Elliott Wave projections, making it another area to monitor if momentum improves.
TradingView’s broader technical overview also supports a constructive backdrop. Its aggregate rating for HYPEHUSD was described as a buy, while the one-week and one-month assessments also favored the buy side. Moving averages provided the strongest component of that reading, with the combined moving-average signal classified as a strong buy.
Such indicator-based signals should be treated as supporting evidence rather than confirmation of a specific price target. Technical ratings can change as new price data enters the calculation, particularly in a volatile cryptocurrency market.
Hyperliquid’s underlying activity provides another factor worth watching. DefiLlama currently reports about $50.8 million in fees over the past 30 days and roughly $35.8 million in revenue during the same period.
The protocol’s fee structure also has a direct connection with HYPE. Hyperliquid’s documentation says trading fees are directed to community-related mechanisms, including the Assistance Fund, which converts fees into HYPE and burns the acquired tokens.
That mechanism gives the token an economic link to activity on the network, although it does not guarantee price appreciation.
Alternative Scenario: Triangle
The bullish Elliott Wave interpretation is not the only possible outcome.
Kap_Waves also outlines a triangle scenario in which the recent decline forms part of a larger corrective structure. If that pattern develops, HYPE could remain range-bound for an extended period instead of immediately entering a sustained impulse toward the projected upside targets.
This alternative becomes particularly relevant if the price struggles to reclaim the resistance levels identified by the various technical setups. A failure to establish higher highs could keep the token trapped between support and resistance while the market searches for direction.
The $50.70 area remains the critical reference point in either case. A deeper and sustained breakdown below the level would weaken the current bullish Elliott Wave interpretation and could signal that the correction is not yet complete.
HYPE is testing the 0.786 Fibonacci retracement after a clean pennant breakout and backtest, while a larger ascending triangle adds to the potential bullish setup. Source: thatsavibe_eth on TradingView
The Fibonacci setup presents a similar risk. A rejection around the 0.786 retracement could lead to a deeper pullback toward the bear-trap zone highlighted by thatsavibe_eth. Such a move would not necessarily end the longer-term bullish structure, but it would delay the immediate breakout thesis.
HYPE’s derivatives market also warrants attention because large amounts of open interest can amplify price movements in either direction. DefiLlama currently shows more than $10.8 billion in Hyperliquid open interest, alongside roughly $150 million in 24-hour liquidation volume.
This makes confirmation particularly important. A breakout accompanied by stronger trading activity and sustained demand would carry more weight than a brief move above resistance followed by a rapid reversal.
Hyperliquid (HYPE) price chart. Source: Brave New Coin
From a fundamental perspective, HYPE also has several functions beyond speculation. The token is used for staking and network security, while HYPE is the native gas token of HyperEVM. Hyperliquid documentation also describes Hyperliquid as part of the infrastructure supporting permissionless HIP-3 perpetual markets.
For the current Hyperliquid price prediction, the technical picture therefore remains cautiously constructive but unconfirmed. Holding $50.70 keeps the Elliott Wave bullish scenario intact, while a break above $76.67 would provide a more meaningful confirmation of renewed upside momentum. If that resistance gives way, the $89 area could become an intermediate reference point, followed by the $99.42 and $116.57 projections highlighted by the Elliott Wave analysis.
Conversely, losing $50.70 would undermine the current structure and increase the probability of a deeper correction. Traders will therefore likely watch the support level, Fibonacci resistance, trading volume, and derivatives positioning together rather than relying on a single indicator or price target.
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