Hyperliquid’s HYPE token is gaining market attention as it approaches a key resistance area after showing strength during recent selling pressure. The token’s ability to hold important support levels and maintain strong protocol activity has increased optimism among traders, with analysts watching for signs of a broader recovery.
At the time of writing, according to CoinMarketCap data, HYPE is trading at the price of $56.03, with a decline of 1.86% in the past 24 hours, while its market capitalization stands at $14.13B after recording a drop of 1.87% today.
Hyperliquid Tests Multi-Month Resistance as Breakout Setup Gains Momentum
According to crypto analyst Rand Group, HYPE is testing a key descending resistance that has limited its price for several months. A chart shared by the analyst shows the token climbing toward the trendline, placing the market at a point where buyers are attempting to regain control after a prolonged period of weaker price action.
The current setup extends beyond the nearby $55 level, as the longer-term downtrend line remains the main technical barrier. A sustained break above that resistance could weaken the pattern of lower highs that has shaped HYPE’s structure for months. Such a development would strengthen bullish sentiment and improve the broader market outlook.
Analysts will only confirm a breakout if HYPE closes above the trendline and holds that reclaimed zone as support. Failing to maintain those gains could trigger another rejection, sending the token back toward recent support levels while leaving the broader reversal pattern unconfirmed.
HYPE Holds Key Support After Sell-Off as Hyperliquid Eyes $100 Target
Hyperliquid’s $HYPE token has continued to attract market attention after showing strong resilience against major selling pressure. Crypto analyst @qianbaidueth noted that large holders, including Multicoin, a16z, and Bitwise, recently distributed millions of tokens, yet HYPE maintained support between $52 and $54, highlighting strong buyer demand.
Despite the heavy token distribution, Hyperliquid’s fundamentals remain strong as the protocol continues generating more than $51 million in monthly fees, exceeding a $1 billion annualized rate. Nearly all holder revenue is being directed toward $HYPE buybacks, while the platform has increased its total value locked by 6.6% over the past 30 days.
Market participants are now watching the $70 to $78 resistance zone as the next key test for HYPE. If the token successfully breaks above this range, analyst @qianbaidueth believes the move toward the $100 level could happen sooner than expected. The analyst also revealed plans to add spot positions after previously selling too much.
