HYPE stood out like a shadowy gem in a crashing crypto storm reaching a fresh peak early this month 🖤
The Bears Take Over
It only took a handful of days for Hyperliquid’s token to climb above $75 with its market cap brushing $17 billion. That placed it among the top 10 cryptos for a hot minute. Yet the overall bearish chill plus Arthur Hayes unloading everything he held turned the party short lived. Right now HYPE sits near $56 with a market cap around $12.5 billion.
Plenty of voices on X already sense more downside ahead. Altcoin Sherpa noted a normal cooldown could push things to $44 once price slips under $54 while still calling it one of the strongest long term holds. BATMAN spotted a clean head and shoulders setup pointing to $50 next and Sjuul flagged the same pattern warning “if this starts to break down it’s not gonna be pretty.” Crypto with Haris even opened a $30,000 short betting on a slide into the low $40s below $55.
Not so Quick
Still a few signals hint the bulls might claw back momentum soon. Heavy flows off centralized exchanges into self custody wallets lately have eased immediate sell pressure.
Whale Factor highlighted how quietly Hyperliquid has become a revenue monster handling nearly half of all token buybacks last year creating real buy pressure that makes the asset look like a compelling hold this cycle. When projects print this much actual revenue it’s tough to ignore they concluded.
Just another echo from the void by iconofsin.eth 💖
