rewrite this title Hyperliquid (HYPE) Price at Risk as Bears Target the $48 Support—Will Buyers Step In?

The Hyperliquid (HYPE) price traded at $52.06 at press time, down nearly 1%, while daily trading volume remained subdued at around 26.97K HYPE. Despite maintaining a multi-billion-dollar market capitalisation, the token has extended its recent correction after failing to hold above a key support zone near $54, shifting market sentiment toward sellers.

The latest decline comes after HYPE formed a triple-top pattern around the $72 resistance level, triggering a steady series of lower highs and lower lows on the daily chart. As the price approaches the next major support near $48, traders are closely watching whether buyers can stabilize the decline or if bearish momentum will drive a deeper correction.

HYPE Price Loses Key Support as Bears Strengthen Their Grip

The repeated rejection confirms strong supply around the $72 zone and marks a shift in momentum from buyers to sellers. Following the reversal, HYPE established a series of lower highs and lower lows, reinforcing the short-term bearish trend. The latest sell-off pushed the token below the $54 support zone, a level that had previously acted as a strong demand area during June’s rally. Losing this support not only weakens the current structure but also increases the probability of an extended correction if buyers fail to reclaim the level.

On-Balance Volume (OBV) has continued to trend lower, indicating that selling pressure has outweighed buying activity over recent weeks. Besides, the RSI slipped below the neutral mark, reflecting weakening momentum.  Besides, Open Interest has rebounded to around 3.88 million, even as the price continues to trend lower. 

Rising Open Interest during a decline often signals that new positions are entering the market rather than existing traders exiting, suggesting bearish participation is increasing. If Open Interest continues to climb while HYPE remains below former support, sellers could maintain control in the near term. Meanwhile, the aggregated funding rate remains slightly positive at around 0.006%, indicating that long positions are still paying shorts despite the ongoing pullback.

While the funding premium is relatively modest, it also suggests that bullish positioning has not been fully unwound. If HYPE fails to recover above the broken support, these leveraged longs could come under additional pressure, increasing the risk of further downside.

The Bottom Line—Can Bulls Prevent a Drop Below $50?

HYPE remains under pressure after confirming a triple-top reversal and breaking below the key $54 support zone, leaving sellers in control of the short-term trend. The weakening market structure, coupled with declining buying interest, suggests the token is entering a critical phase where the next major move is likely to be determined.

The bullish scenario hinges on buyers reclaiming the $54–$55 resistance zone. A sustained move above this level could invalidate the recent breakdown, improve market sentiment, and pave the way for a recovery toward $60, with $72 emerging as the next major resistance if buying momentum strengthens further.

Conversely, the bearish scenario remains dominant as long as HYPE trades below former support. A decisive break below the $48 support level could accelerate selling pressure and expose the token to the $42–$44 demand zone, extending the ongoing correction.

For now, $48 remains the level to watch. Whether buyers successfully defend this support or sellers force another leg lower will likely determine HYPE’s next directional move.

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