HYPE drops 20% after rejection near $45 and rising selling pressure.
Treasury announcements from Eyenovia and Lion Group fail to boost market sentiment.
Key support at $38 may decide the next move toward $27 or a rebound.
Traders blinked—and Hyperliquid's HYPE slipped below $38. The price has fallen nearly 20% from recent highs. After racing from $17 to $45, the token now faces strong selling pressure. Despite bullish headlines, the market chose to cash out. The much-anticipated treasury news failed to light the fire many expected. With bulls stepping back and profit-taking underway, momentum has clearly shifted. Let’s unpack what happened and where the HYPE price could go next.
https://twitter.com/0xWiby/status/1935729483388244255 Rally Meets Resistance
The price of HYPE exploded from $17 to $45 in a sharp breakout. The token ripped through resistance levels like a storm, gaining over 170% in days. But gravity caught up. After touching $45, HYPE faced a wall of sell orders. The daily chart now shows a 7% drop in just 24 hours. Traders are booking gains, not placing new bets.
The current pullback doesn’t erase the earlier rally, but signals caution. Fibonacci levels suggest $38.13 as the next line of defense. A close below that could trigger a move down to $27–$31. Buyers seem hesitant, watching from the sidelines as selling pressure builds. The recent price action feels like a fast car hitting the brakes mid-race.
Treasury News Fails to Impress
Eyenovia, a Nasdaq-listed biotech firm, made headlines with a $50 million HYPE reserve. The move marked the first time a US public company added HYPE to its treasury. This should’ve been a big moment. But the market barely blinked. Traders shrugged, perhaps expecting more concrete adoption details or better timing. Meanwhile, Lion Group secured a $600 million credit facility to launch its HYPE treasury. That came with another twist—BitGo will manage the digital asset infrastructure. On paper, these are major steps. But they didn’t lift the price.
Even with rising institutional interest, sentiment stayed flat. Buyers want action, not just announcements. HYPE needed a spark; instead, it got a cold draft. Hyperliquid still leads among decentralized exchanges in gas revenue. The platform even topped Ethereum and Solana briefly. Big trades, including billion-dollar BTC orders by James Wynn, helped fuel demand. That demand hasn’t vanished—but excitement clearly cooled.
Support near $38 must hold for bulls to regain control. A bounce could reset the mood. But if sellers keep pressing, the next stop lies around $30. Traders now wait for clarity. Will news finally match expectations? Or does HYPE need to cool off before the next charge? HYPE surged from $17 to $45, then reversed after meeting resistance. Treasury news from Eyenovia and Lion Group fell flat. Support near $38 looks critical for the next move. Traders now wait for stronger momentum.
