Hyperliquid’s HYPE token has pulled back 22% from its $75 all-time high, and now it’s sitting at a make-or-break support level. The big question: can spot buying push it back above $60, or is this the start of something worse?
Things aren’t looking great on the derivatives side. Open interest has dropped from $2.2 billion to $1.73 billion, and traders aren’t opening new positions — they’re cutting exposure. But spot market data tells a slightly different story. The cumulative volume delta (CVD), which tracks net buying versus selling, has improved from its recent lows. It’s still deeply negative at roughly $95 million, but the bleeding is slowing.
Here’s the thing — $110 million in selling pressure in early June drove HYPE from $76 down to its current levels. The buyers stepping in now are absorbing supply near $58-60, but they aren’t doing it at scale yet. It’s more like cautious accumulation than a full-blown reversal.
The $50-$54 zone is the real line in the sand. It lines up with the rising 50-day exponential moving average and an unfilled daily fair-value gap. HYPE has been printing higher highs and higher lows since January. A daily close above $53 keeps that pattern intact. Drop below it, and you’re looking at the first real bearish signal of the year. Next stop would be $51.6 (the 100-day EMA) and then $49.
So watch the $50 area closely. If HYPE holds there with the same stubbornness it showed consolidating around $40 in May 2025, the uptrend survives. If not, the rally is over.
