Hyperliquid is rapidly emerging as a serious contender in the DeFi derivatives space. With a total value locked (TVL) of over $2.06 billion.

In terms of recent performance, HYPE has fallen just over 24% from its all-time high of $49.92, reached a few weeks ago.

However, its three-month gain remains an impressive 86.8%, showing that the broader uptrend is still intact despite a 15.3% decline in the last seven days.

One of the key technical validations towards a new all-time high comes from the Bull Bear Power (BBP) indicator. At the time of writing, BBP shows the same pattern just before the price increased by more than 60% from around $30 to nearly $50.

The current pattern mimics that behavior, with BBP showing similar bearish exhaustion. If that scenario repeats, a strong reversal is not ruled out.

At the price level, HYPE is consolidating just below the Fibonacci retracement level of 0.618, marked at $38. This zone is being closely monitored, as a break of this resistance could pave the way towards $42 and potentially back to the highs.

Notably, the $35 region also acts as strong psychological and structural support. It is worth noting that it was the base for the last breakout.

$HYPE