Hyperliquid price drops 10%: analyst waits for bottom and trigger

The Hyperliquid price is under pressure. HYPE is currently trading at $55,8. a drop of 10.2% in the past 24 hours. Yet analyst damskotrades remains positive about the long-term prospects of the project. According to him, the price is doing exactly what he expected, but some patience is still needed before a new rally can begin.

Hyperliquid is available at OKX and Bybit.

Waiting for a bottom at a key level

On his daily chart, damskotrades shows that HYPE has fallen sharply after a strong rally towards $75. The price is now in a yellow-highlighted zone around $57 to $62. an area that previously served as resistance and now acts as potential support. The analyst indicates he is waiting for a clear bottom and a trigger to enter.

Two scenarios are possible. In the first scenario, HYPE stabilises around the current level and then starts a recovery move towards $67 to $70. In the second scenario, the price first falls further to the zone around $50. only to turn around there. According to the analyst, both scenarios eventually lead to a new upward move, but the timing is still uncertain.

Hyperliquid remains a favourite despite the dip

Despite the recent decline, damskotrades sees Hyperliquid as one of the strongest candidates for the next big rally in the altcoin market. He states that the market in general simply needs a bit more time to recharge. He shares that feeling specifically about HYPE, which he describes as a potential leading player in the next phase of the market.

It is not the only reason to keep an eye on Hyperliquid. Earlier this week, it was revealed that the platform is responsible for nearly half of all crypto buybacks in 2025, showing how dominant the platform has become in the DeFi segment. At the same time, Arthur Hayes recently sold his HYPE position, which is contributing to the current pressure on the price. You can read more about how the platform itself works in the Hyperliquid review.