$HYPE Crashes 3.4% as Bears Shatter $38 Support – Is This the Start of a 20% Plunge to $31?

Key Points

1. Hyperliquid ($HYPE) dropped 3.4% in 24 hours, breaking the $38 support level, with trading volume spiking 37% to $270M, indicating increased sell pressure.

2. Hyperliquid is a top-tier Layer-1 DEX for perpetual futures, with $500M in TVL and $2.06B in open interest, ranking fifth in futures open interest.

3. The token $HYPE has seen over 300% growth since April, driven by increased demand and institutional interest, including purchases by HYLQ Strategy Corp.

4. Technical analysis shows a triple-top breakdown with rejections at $43, suggesting weakening bullish momentum and a potential downside target of $31–$32.

5. Despite the selloff, Hyperliquid remains dominant in on-chain perpetuals trading, with significant ecosystem integrations like Maple Finance and Okto Wallet.