Hyperliquid has had a roller coaster ride this week, from climbing to an all-time high of $59.39 just two days ago before pulling back. The token is now changing hands at $56.06, down 0.34% on the day but still holding a modest 0.58% gain over the past week. With a market cap of $18.68 billion and 24-hour trading volume of $241.59 million, activity around HYPE has cooled slightly as volume dipped more than 30% in the past 24 hours.
Even with this slowdown, the market is closely watching how HYPE performs near the $55 support level. A successful defense here could determine whether the token has the strength to retest and possibly break past $60 in the coming sessions.
Looking at the 4-hour chart, HYPE price is consolidating after a strong rally that recently pushed it to fresh highs. The immediate support sits at $55.00, which has already been tested multiple times. This area is showing signs of demand, suggesting buyers are stepping in to defend the level.
If HYPE can sustain above $55, the next target becomes the resistance zone between $59.46 and $60.07. This band coincides with the recent peak, making it a decisive hurdle for bulls. A clean breakout above $60 could set the stage for further upside, potentially pushing HYPE into price discovery once again.
On the flip side, if $55 breaks, the token could slide toward the next support at $52.50. A deeper correction might bring $45.75 into play, but for now, momentum still favors the bullish scenario as long as $55 holds firm.
The RSI is hovering near neutral territory around 49, signaling neither overbought nor oversold conditions. This gives the token room to swing in either direction, making the support-resistance dynamics even more critical in the short term.
Adding to the bullish case, MetaMask recently announced plans to introduce perpetual trading through Hyperliquid. This integration strengthens HYPE’s utility and could attract fresh participation from traders, supporting long-term adoption.
The key support is at $55.00, where buyers are currently defending the price.
HYPE needs to break above the $59.46–$60.07 zone to open the path for new highs.
It adds perpetual trading to MetaMask via Hyperliquid, expanding utility and boosting adoption.
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