The HYPE price has approached an important support zone, where weakening selling pressure coincided with a decline in futures market activity. Now, market participants are watching to see if the token can resume growth and rise above $60.
After reaching an all-time high of $75, the Hyperliquid (HYPE) token fell by about 22%. This has called into question the upward trend that has continued since the start of 2026.
Activity in the derivatives market has noticeably decreased, but spot trading data indicates that after a strong wave of selling in early June, the situation is gradually starting to stabilize.
Currently, the key support is considered to be the $50–54 range. It is located just below the current price and represents the first serious test of the long-term uptrend since January.
Selling Pressure on the HYPE Spot Market Begins to Ease
On Wednesday, HYPE fell below $60 after another unsuccessful attempt to consolidate near the all-time high around $76. Amid the decline, the price approached the 50-day exponential moving average (EMA), which has served as the main support for the uptrend since March.
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The current correction is reminiscent of the situation in May 2025. Back then, HYPE set a new high, rising almost to $40, after which it entered a consolidation phase for several weeks. Despite the weakening momentum, the daily chart did not form a full-fledged signal for a downward reversal at that time.
Comparison of HYPE price dynamics in July 2026 and May 2025. Source: TradingView.
The relative strength index (RSI) is now developing in a similar scenario. It turned downward after leaving the overbought zone, but so far remains above levels that usually signal a full trend reversal.
At the same time, on-chain data calls for caution. The cumulative delta of spot trading volume (Spot CVD), which reflects the balance between buying and selling on the spot market, has begun to recover after a recent decline. This indicates that selling pressure is gradually weakening.
Nevertheless, the indicator still remains deeply negative at about minus $95 million, indicating that sellers still have the upper hand over buyers.
HYPE price, open interest, Spot CVD, futures CVD, and funding rate. Source: Velo.
These changes indicate more of a weakening of selling pressure than a return of active buyers. There are already participants on the spot market who are starting to buy up supply near current levels, but volumes remain small so far. For comparison, during the drop of HYPE from $76 in early June, net sales volume reached about $110 million.
The derivatives market situation still looks weaker. Open interest has decreased from $2.2 billion to $1.73 billion. At the same time, the cumulative delta of futures volume (Futures CVD) continued to decline and is now around minus $389 million, whereas at the beginning of June the figure was close to $400 million.
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So far, everything indicates that traders prefer to reduce existing positions rather than open new ones.
Support at $50 Comes to the Fore
The next important zone for HYPE is in the $50–54 range. Two technical factors converge here: the 50-day exponential moving average (EMA) and an unclosed fair value gap (FVG) on the daily chart. Together, they form the first strong support area below the current price.
If HYPE holds above this range, the bullish market structure will remain intact. Since January, the token has continued to form higher highs and higher lows, and so far this sequence has not been broken.
In this case, the current decline will look like a normal correction within a broader uptrend, rather than the start of a full reversal.
HYPE/USDT daily chart. Source: TradingView.
If HYPE closes the day below $53, this will be the first truly strong bearish signal on the daily chart this year. In this case, the next support could be the 100-day exponential moving average (EMA) around $51.6, and then the lower boundary of the fair value gap (FVG) around $49. If these levels also do not hold, the next notable support zone is near $38.
For now, the main signal remains the divergence between gradually recovering spot market demand and continued decline in derivatives market activity. It is the reaction of buyers in the $50–54 range that may show whether the current correction is coming to an end or the market is preparing for a deeper decline.
Crypto trader Altcoin Sherpa, speaking about long-term token accumulation, noted:
“In my opinion, the $55–64 range looks like a good zone for gradually buying HYPE. Personally, I believe the token can reach $100 by the end of the year. For me, it remains one of the best altcoins, although much will depend on bitcoin’s dynamics.”
