Hyperliquid Eyes 40 Percent Gains If Key Support Holds

While most major cryptocurrencies dropped over the past 24 hours, Hyperliquid managed to buck the trend. HYPE currently trades around $54.70. Analyst Ali Martinez points out that if the asset stays above the $53 support level, a price target of $75 could be next. Another popular trader, Altcoin Sherpa, also sees this zone as a solid spot for a bounce, citing expected increases in traditional finance trading volumes.

On chain data offers more reasons for optimism. Figures from CoinGlass show that exchange outflows have beaten inflows recently. This means traders are moving their tokens into self custody, which usually lowers immediate selling pressure and points to bullish momentum in the short term.

Not everyone shares this positive view, as some analysts warn of potential downside. Cryptorphic notes that HYPE recently lost its long term trendline and broke below a key support level. At the same time, whale activity points to profit taking, with large holders moving significant amounts of tokens to exchanges. Spot HYPE ETFs have also seen more outflows than inflows lately, showing weaker demand from institutional investors.

Traders should watch the $53 level closely in the coming days. Holding this line could fuel the predicted push toward $75, while a failure to maintain support might open the door for a sharper decline.