As per TheMarketPeriodical, Hyperliquid's HYPE token is at risk of further decline as it forms a bearish head-and-shoulders pattern on the daily chart. The price has dropped from $60 in September to $36 currently, and the token is near the neckline of the pattern. A breakdown could push the price to $25, a 30% drop from the current level. Additionally, over $8.5 billion worth of HYPE tokens will unlock later today, increasing the circulating supply and potentially adding downward pressure. Hyperliquid has burned over 504,000 tokens and bought back $20 million in the last seven days to offset the unlock. Meanwhile, the platform is losing market share in the perpetual futures industry, with its 30-day volume falling to $262 billion, behind competitors like Lighter and Aster.
Hyperliquid Price Analysis Ahead of $8.5 Billion HYPE Unlock
TheMarketPeriodicalShare
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