HYPE rebounded to around $63.5 after a June 24 selloff pushed the token to an intraday low of $59.18, according to market tracking data. The bounce came after a broader risk-off move weighed on crypto, with HYPE down about 11% over the past seven days but up roughly 2% in the last 24 hours.
The decline intensified as institutions de-risked ahead of the closely watched May PCE inflation release and as semiconductor stocks saw a steep drop, a combination that spilled over into digital assets. Data indicates the move was accompanied by long liquidations across crypto, forcing leveraged positions to unwind.
Key takeaways
- Price move: HYPE recovered to roughly $63.5 after trading as low as $59.18.
- Catalyst: A broad risk-off wave and liquidation-driven selling, ahead of May PCE inflation data.
- Market implication: Spot buying helped absorb supply near $59–$59.80, but derivatives positioning remains cautious, limiting the strength of the rebound.
- Technical focus: The $50–$54 area has emerged as the next major support zone if $59 breaks.
What drove the move
HYPE’s sharp reversal followed a multi-day slide that analysts linked to macro uncertainty and cross-asset pressure. The selloff coincided with a risk-off environment in traditional markets—amplified by institutional de-risking ahead of the May PCE inflation report—and with a separate drawdown in semiconductor equities.
In crypto, that pressure translated into cascading liquidations. As leveraged longs were forced out, HYPE fell nearly 9% during the session before buyers stepped in around the $59 area, helping stabilize prices.
The correction also followed a strong prior run. After reaching an all-time high near $76.90 on June 16, HYPE has fallen by more than 16% from that peak, leaving market participants focused on whether the latest rebound can hold.
Market reaction: spot demand steadies, leverage retreats
On-chain and market-flow indicators suggest the selling impulse has moderated, though conviction has not fully returned.
According to data from Velo.xyz, HYPE’s aggregated spot cumulative volume delta (CVD) has recovered from recent lows after heavy selling earlier this month. The metric remains negative at nearly $95 million, but the imbalance has narrowed from about $110 million in selling recorded during the token’s drop from around $76 in early June. The change points to buyers becoming more willing to absorb supply at current levels, even if strong accumulation has not resumed.
Derivatives data, however, signals that traders are less inclined to add risk. Data cited from Velo.xyz and other crypto analytics points to weakening positioning: HYPE’s open interest declined, while derivatives CVD moved to around negative $389 million from roughly negative $400 million at the start of June. This pattern suggests traders are reducing exposure rather than building new leveraged positions, which can cap upside momentum even when spot demand improves.
Meanwhile, support around current prices also appears tied to tokenomics. The report said Hyperliquid’s repurchase mechanism directs 97% to 99% of platform trading fees toward HYPE buybacks, a structure that may help sustain demand during pullbacks.
Technical levels investors are watching
Technically, HYPE is still described as holding an uptrend on the daily chart despite the recent pullback. Momentum has cooled after the token’s push to a new high earlier this week, and the market is now testing several key moving-average levels.
Trading analysts cited in the report show HYPE attempting to find footing near its 20-day exponential moving average around $64 after failing to reclaim a prior resistance zone near $75–$76. Below current prices, the 50-day exponential moving average near $59 has again emerged as support, while the 100-day exponential moving average around $52 aligns closely with the lower Bollinger Band near $53.3.
Taken together, the cited indicators put a spotlight on the $50–$54 region as the next major support zone if selling pressure returns. For momentum signals, the report said the relative strength index has eased to around the neutral 50 level after previously reaching overbought territory, a shift consistent with consolidation patterns seen earlier in the token’s history.
On trend strength, the report noted that the MACD remains above the zero line, implying the longer-term trend is still constructive, but short-term momentum has weakened—suggested by a bearish crossover and a negative histogram. The recovery above $62 has so far helped prevent a deeper technical breakdown, but a sustained bid would likely require renewed participation from both spot buyers and derivatives traders.
Bigger picture: what to watch next
With HYPE’s rebound relying on spot absorption and with leverage staying muted, investors are likely to focus on whether demand can broaden beyond the current $59 support area. The next direction may hinge on sustained spot inflows, stabilization in derivatives positioning, and a broader macro tape—particularly upcoming signals tied to inflation and central-bank expectations.
Traders will also be watching for follow-through relative to $62 and a defense of $59. If that level fails, the $50–$54 zone may become the market’s next critical test.
