HYPE token drops 24% after missing key support, focus on $44‑$38 zone

The Hyperliquid platform’s native token HYPE fell about 24% after failing to hold above the $75‑$90 resistance band, sliding to roughly $58. Analysts noted that the six‑month uptrend has broken, prompting a shift in attention to lower support levels around $44‑$38 for possible buying interest next week. Crypto Patel and trader Mercury highlighted the rejection and warned that confirmation is needed before confidence can return.

HYPE is currently trading near $58.73 with a 24‑hour volume of $344 million and a market capitalization of $14.84 billion. The token remains within a critical technical window, as some analysts argue regaining the $63‑$64 band could reaffirm an upward trajectory, while prolonged weakness below this range may increase selling pressure. The token’s price dynamics are tied to Hyperliquid’s fee‑revenue‑backed buy‑back and burn mechanism, which links platform earnings to token supply reduction.