Hyperliquid Price has been under selling pressure following the break below the significant support area, making it technically bearish in nature.
This comes after multiple failed attempts to rally to higher levels, thereby putting the sellers in control of the short-term market action. The market has also shown that there is less leverage in play.
At the time of writing, HYPE is trading at $63.32 after dropping 7.25% over the last 24 hours. The move comes alongside a 24-hour trading volume of $1.56 billion and a total market capitalization of around $16.04 billion, reflecting strong activity despite ongoing selling pressure in the market.
The recent weakness in Hyperliquid price has drawn attention as the token continues to slide from its recent highs. Market data shows that the decline is not just short-term volatility but part of a broader structure shift forming on the charts.
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Hyperliquid Price Breaks Key Pattern Support
As pointed out by a crypto analyst, Alpha Crypto Signal, on June 23, 2026, the Hyperliquid price made sure that it had broken down from a descending triangle pattern. This breakout came after a series of failed moves to retake higher prices, indicating that bulls couldn’t hold up the support level.
From the technical perspective, the pattern suggests that as long as Hyperliquid is trading below the broken support level, the formation will stay bearish. This region that used to be the bottom for the asset will now be resistance for price action.
Likely, any attempt at retracing this level in the price dynamics of Hyperliquid would be met with rejection, thus potentially paving the way for additional declines unless the buyers are able to reclaim control.
Derivatives Data Shows Reduced Leverage
Positioning statistics from the market also provide some insight into the drop in Hyperliquid’s price. The open interest is down 2.78% to $5.29 billion, showing that leverage trading is coming down on all sides.
However, the trading volume rose 18.29% to $10.10 billion, indicating that trading is still intense despite a reduction in risk exposure. Such an occurrence is indicative of a move towards increased involvement via spot trading and away from aggressive leveraged trades in the Hyperliquid prices.
The funding rate also indicates that the market is being prudent about the Hyperliquid price movement. The OI-weighted funding rate stands at -0.0041%. This suggests some amount of pressure on the long side; however, it is not too bad.
Overall, the Hyperliquid price continues trading lower after breaking down a critical support level. Without bulls regaining control of the breakdown levels, it seems likely that the dominant trend will be downward in the short run.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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