Hyperliquid price tests crucial support at $62 after ATH rejection

The Hyperliquid price currently stands at $66,70. a decline of 7.0% in the past 24 hours. After a failed attempt to break through the all-time high, the question now is whether the $62 level will hold as support. This will determine whether a new opportunity for further price appreciation emerges.

Hyperliquid (HYPE) is available on Bybit.

Rejection at the all-time high

HYPE is making another attempt to enter price discovery and break the all-time high, but is encountering strong resistance. The chart on the 4-hour timeframe clearly shows that the price is facing a firm rejection around the $75 to $76 level. This is the red resistance zone that previously acted as a ceiling in early June.

Analysts point out that this rejection is quite strong, indicating that sellers are active at this level. A breakout above the all-time high is therefore not yet in sight, at least not without first forming a solid base at a lower level.

$62 is the key zone for buyers

The task for buyers is now simple: hold $62 and turn it into a solid support level. This is precisely the zone marked on the chart as critical. Only if that succeeds, analysts say, is there a realistic chance of a new attempt towards price discovery and an attack on the all-time high.

Notably, there was recent positive news around the Hyperliquid ecosystem. For instance, a16z is heavily accumulating HYPE tokens, which is generally seen as a bullish signal. Whether that will be enough to keep the price above $62 and ultimately challenge the all-time high depends on how the market behaves in the coming days.