Hyperliquid token slides as leveraged longs liquidated, breaking key support

Hyperliquid’s native token fell from around $66 to $63.32, a drop of about 7% in 24 hours, after a massive mechanical flush of leveraged long positions. More than $12 million in over‑leveraged contracts were liquidated in a single day, driving the price down and prompting a break of a critical support level that now acts as resistance. Open interest fell 2.78% to $5.29 billion, while trading volume rose 18% to $10.10 billion, indicating continued activity despite reduced leverage. Technical analysis points to a bearish descending‑triangle breakdown, suggesting further downside unless buyers regain control. The token’s fundamentals remain solid, with strong fee generation and bridge inflows, but the market is focused on the price correction ahead of upcoming U.S. core personal consumption expenditures inflation data.