Hyperliquid's native token HYPE has fallen roughly 15% over the past seven days and is trading at a three-month low of around $70, according to CoinGecko. Its market capitalization has dropped to $16.8 billion, though it remains the tenth-biggest cryptocurrency. That ranking persists largely because Zcash, in eleventh place, has recorded an even sharper pullback.
With the latest decline, analysts are divided on what may come next.
Bearish Views Focus on Support Levels
X user The Moon Show said HYPE is "not looking great for bulls" and noted that local support has been lost. The analyst identified the next major zone around $67-$69, warning that a drop below it could trigger a crash to $60.
Altcoin Sherpa said HYPE "looks pretty nasty" after losing the $75 floor and forecast a potential decline to the mid-$60s if Bitcoin continues to underperform. The analyst still describes Hyperliquid's cryptocurrency as "the best project" in the industry.
Token Talk offered the most pessimistic scenario. The X user argued that bulls must defend the mid-$70s, warning that a breakdown could open the door to a drop toward the $51-$53 region.
Whale Activity Adds Pressure
Recent whale activity suggests bulls may face further pressure. Earlier this week, Lookonchain reported that an investor unstaked 512,010 HYPE, worth almost $40 million, and deposited it into FalconX, possibly to cash out.
If the tokens were sold, the additional supply could weigh on HYPE's price in the short term. Such moves might also affect smaller players and prompt them to sell as well.
RSI and Exchange Netflow Offer Mixed Signals
HYPE's Relative Strength Index tells a different story. The ratio fell below 30, meaning the asset has entered oversold territory and could be gearing up for a rebound. By contrast, readings above 70 are typically considered a warning of an incoming correction.
Exchange netflow data also provides a contrasting signal. Over the past four days, more capital has exited centralized platforms than entered, suggesting investors have turned toward self-custody methods and reduced immediate selling pressure.
