Hyperliquid's native token HYPE has outperformed the broader crypto market, posting a nearly 10% gain over the past week even as the sector was shaken by a $6.3 billion Binance hack. As of press time, HYPE is trading just below $85, down from a local peak of about $96 recorded before the Binance incident, but still in positive territory on both weekly and fortnightly timeframes.
Analysts Flag Head-and-Shoulders Pattern
Popular analyst Ali Martinez warned that HYPE may be forming a head-and-shoulders top on the 12-hour chart, a pattern that could point to a 22% correction. Martinez suggested that a sustained close below the $76–$78 neckline could be followed by a crash toward a 10-week low of $59. He added that a recovery above the right shoulder's high near $90 would weaken the bearish setup. "The pattern isn't confirmed until Hyperliquid breaks support. A bounce from $76–$78 could keep the formation from playing out," Martinez said.
Other analysts also expressed caution. FOUR | Crypto Spaces warned that recent weakness has tilted the balance in favor of the bears, arguing that a drop below $77 could trigger a collapse toward $60. Token Talk described HYPE as having reached a critical juncture, identifying the $76–$77 range as a key support zone bulls need to defend. "If we keep bouncing between these levels, cool. But if support finally gives up, I don't think the downside is going to be pretty," they stated.
Exchange Netflows Turn Positive
According to CoinGlass, HYPE has recorded positive exchange netflows for six consecutive days, meaning more tokens have been moved to centralized platforms than withdrawn to self-custody wallets. This development is typically interpreted as bearish since it increases immediate selling pressure.
The broader exchange landscape has also seen significant shifts following the Binance hack. Once withdrawals were restored, users pulled nearly $4.65 billion from Binance in under 10 hours, far exceeding the roughly $1 billion in deposits recorded over the same period. Latest data shows Binance's netflows for the last seven days have reached almost -$12 billion, while some competitors saw significant inflows. OKX attracted roughly $360 million in net flows over the past week, and Bybit recorded approximately $140 million.
