Hyperliquid (HYPE) could remain under pressure if sellers continue rejecting recovery attempts, while a stronger rebound would depend on reclaiming key resistance. Meanwhile, Hyperliquid’s strong trading activity may reinforce its position in decentralized derivatives, although rising competition could challenge its dominance.
At the time of writing, HYPE is trading at $82.92 with a 24-hour trading volume of $863.67 million and a market capitalization of $20.87 billion. Despite the 3.98% gain over the last 24 hours, the HYPE price structure points to downward pressure, but market cap growth points to a bullish reversal ahead.
Source: CoinMarketCap
Also Read: HYPE Sees $24M Whale Accumulation While a16z Link Remains Unverified
HYPE Could Fall Further If $87 Resistance Holds
According to the crypto analyst Crypto Patel, HYPE is facing renewed bearish pressure after losing a crucial support zone.
The token previously rebounded toward $87 before reversing sharply and falling to around $78.50. The breakdown has weakened its short-term structure, while the loss of $82 suggests sellers are gaining control over momentum.
Source: Crypto Patel’s X Post
What was previously a level of support at $82 could now become resistance for any retracement attempt. Another potential selling chance could be seen from a test of the area of $84-$85 if rejection happens. As long as HYPE is trading below the level of $87, $60 and $50 could still be targets for the downside.
Hyperliquid Trading Volume Surges to $249 Billion
The data from Hyperliquid Daily further highlighted that Hyperliquid is cementing itself as the leading entity in decentralized perpetuals trading with $249.2 billion notional volume.
This is well above the volume reported by its nearest competitor, which stands at $106.0 billion, implying a large difference between the two platforms. It speaks to the high volume of trade and deep liquidity in crypto markets.
Source: Hyperliquid Daily’s X Post
Performance-wise, it also demonstrates the growing relevance of perpetual contracts in the world of decentralized finance, giving traders the ability to go either long or short on their leveraged trades without any expiration dates.
The massive volumes traded at Hyperliquid show that more and more professional traders are using the platform. At the same time, further development and innovation will be required.
What Comes Next?
The price of HYPE may largely be determined by whether or not buyers manage to take control of the $82-$87 resistance range.
If HYPE manages to break above the level of $87, a potential rebound could be triggered and would make the bearish scenario invalid. Otherwise, rejection could drive the price towards $60 or even $50.
Also Read: Hyperliquid Strategies’ HYPE Holdings Jump to 29.3M Tokens
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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