Hyperliquid (HYPE) is trading near $24 at press time, showing a sharp drop of more than 60% from its all-time high. The token has lost over 10% in the last 24 hours and nearly 13% in the past week. Market data shows weak momentum and further downside risks unless buyers return soon.
As a result, its 24-hour volume is over $550 million, while its market cap stands around $6.6 billion. HYPE is ranked #25 among cryptocurrencies by market value.
Breakdown Below Channel Support
HYPE/USDT has fallen through the lower boundary of its descending price channel. This trendline had previously held for several months but has now been broken, as shown in recent charts shared by analyst Duo Nine. He noted that the price action reflects an “extremely bearish pattern,” and added, “$22 is on the books next.”
The asset is now sitting below the 50% Fibonacci retracement level of $26. That level has turned into resistance. So far, there is no strong reaction from buyers.
Besides, the weekly chart
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