The newly launched Hyperliquid (HYPE) ETF made a splash in the US market on Tuesday, attracting over $1 million in investments on its first day. But trading activity quickly shifted.
HYPE’s price dropped around 4% on Wednesday, closing at about $38. This continued a week-long trend of declining prices across the cryptocurrency market.
Failed Attempts At $45
Even though the altcoin is currently facing some challenges, an analyst predicts it could significantly increase in value as the overall market recovers.
On Wednesday, market analyst McKenna posted on X (formerly Twitter) that the recent price activity of HYPE looks like it might be a temporary peak, based on its daily chart.
The analysis shows HYPE has attempted to surpass the $45 resistance level twice, but hasn’t succeeded. McKenna believes the token is currently trading within a broad range of approximately $35 to $50, and suggests it might stay within this range as traders build up their holdings.
The recent drop in the value of the Hyperliquid token might be due to the ongoing negative trend in the crypto market. Since Bitcoin hasn’t shown strong signs of recovery, many investors still believe prices will continue to fall.
Two Views On Hyperliquid
Looking at the longer term, McKenna is much more hopeful when considering the company’s core strengths. He believes HYPE’s stock price will likely exceed $100 before the summer of 2027.
If Hyperliquid reaches $100 within the next year, it would more than triple its current value. This would also be nearly double its previous high of around $59, which it hit during last year’s market surge.
Things could get even tougher in the short term. Analyst Umair Orakzai recently posted on X (formerly Twitter) that the current market indicators are becoming increasingly negative.
Orakzai noted that the recent upward trend seems to have ended, pointing to significant price drops as evidence. He believes this suggests growing investor concern, and a further drop below $38.8 could trigger a more substantial sell-off.
Okay, so as a Hyperliquid investor, I’m watching the $35 level pretty closely right now. It seems like that’s where things might bounce back if the price dips. But if $35 doesn’t hold, we could be looking at prices we haven’t seen since March – around $29. Hopefully, it won’t get to that!
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2026-05-14 01:53