Hyperliquid (HYPE) Price: 22% Drop From Record High — Is This a Buying Opportunity?

TLDR

• HYPE is down 22% from its all-time high of $76.9, currently trading around $66
• The $50–$54 zone is the most watched support area, aligning with the 50-day EMA
• Open interest has dropped from $2.2 billion to $1.73 billion, showing reduced trader activity
• Spot selling pressure is easing, but spot CVD remains deeply negative at -$95 million
• Analyst Altcoin Sherpa sees the $55–$64 range as a good accumulation zone with a $100 target

Hyperliquid’s HYPE token has pulled back 22% from its record high of $76.9, reached last week. The token is now trading around $66 as traders assess whether the uptrend that started in January can hold.

The retreat followed a rejection at the all-time high near $76. HYPE fell below $60 mid-week before stabilizing. The 50-day exponential moving average has acted as trend support throughout the rally from March and is now being tested.

Derivatives data still leans bullish. CoinGlass shows a long-to-short ratio of 1.03, with funding rates positive at 0.0042%. That means longs are paying shorts, which signals traders still expect prices to rise.

Spot Market Selling Is Slowing

Spot selling pressure has eased from early June levels. Aggregated spot cumulative volume delta (CVD) has improved from recent lows, though it remains deeply negative at around -$95 million. During the drop from $76 in early June, spot selling reached $110 million.

The picture in derivatives is more cautious. Open interest has fallen from $2.2 billion to $1.73 billion. Derivatives CVD sits near -$389 million. Traders appear to be cutting exposure rather than building new positions.

Social dominance for HYPE has been in a downtrend since June 17, now reading 0.175% according to Santiment. Retail participation has picked up following the record highs, which some analysts read as a warning sign for near-term momentum.

Spot ETF flows have also been quiet this week, with SoSoValue data showing little institutional activity.

The $50–$54 Support Zone Is the Key Level to Watch

The next major support sits between $50 and $54. The rising 50-day EMA aligns with an unfilled daily fair-value gap in this zone. A daily close below $53 would be the first bearish shift on the daily chart this year.

Below that, the 100-day EMA at $51.57 is the next level, followed by $49. Deeper support sits near $38.

Crypto trader Altcoin Sherpa shared his view on the current setup: “HYPE, I think anywhere in the 55–64 area is a pretty good place to accumulate this one. I think it goes to $100 later this year personally and is still the best altcoin…but it’s going to also depend a lot on bitcoin IMO.”

On the upside, a daily close above $74.60 would reopen the path toward new highs. The 50-day EMA currently sits at $58.94, the 100-day at $51.57, and the 200-day at $44.68, all trailing price and pointing to an intact underlying uptrend.

The RSI sits around 53 on the daily chart, while MACD is slightly negative, suggesting momentum has cooled without turning bearish.

The post Hyperliquid (HYPE) Price: 22% Drop From Record High — Is This a Buying Opportunity? appeared first on CoinCentral.