HYPE price drops near a key support zone where fading selling pressure collides with shrinking futures market activity. Will the altcoin resume its uptrend above $60?
Hyperliquid's HYPE token is down 22% from its $75 all-time high, bringing its 2026 uptrend to a key test of support. Market participation has cooled across the derivatives markets, while the spot flows show early signs of stabilization after strong selling pressure in early June.
The $50-$54 area now stands out as the most important support zone beneath current prices and the first major trend test since January.
HYPE fell below $60 on Wednesday after rejecting another retest of its all-time high near $76. The decline has pushed the price toward the 50-day exponential moving average, a level that has acted as trend support throughout the rally from March.
The recent pullback resembles HYPE's consolidation in May 2025. At that time, the token printed a new high near $40 before entering a multi-week pause that cooled momentum without producing a bearish break on the daily chart.
HYPE price comparison, July 2026 and May 2025. Source: Cointelegraph/TradingView
The relative strength index is following a similar setup, rolling over from overbought conditions while remaining above the levels typically associated with trend reversals.
However, onchain data paints a cautious picture. Aggregated spot cumulative volume delta (CVD), which measures net buying and selling activity in spot markets, has improved from recent lows during the correction. The recovery has reduced the earlier sell imbalance, though spot CVD remains deeply negative at nearly $95 million.
HYPE price, open interest, spot and futures CVD, funding rate. Source: Velo
The shift suggests selling pressure is easing rather than aggressive accumulation. Spot buyers have started absorbing supply near current levels, though the scale of demand remains modest compared to $110 million in selling recorded during HYPE's decline from $76 in early June.
The derivatives activity continues to weaken. Open interest has fallen to $1.73 billion from $2.2 billion, while derivatives CVD has continued trending lower and now sits near negative $389 million, down from $400 million at the beginning of June. Currently, HYPE traders appear to be reducing exposure rather than opening new positions.
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