- Following a high-momentum rally, Hyperliquid’s price is likely to retrace roughly 11.5% to recoup its recovery momentum.
- Santiment founder Maksim Balashevich noted that many HYPE-focused accounts on X are confidently discussing a potential $250 target for the token.
- The daily average directional index (ADX) indicator at 33% suggests strong underlying pressure but a potential signal of an overextended rally.
HYPE, the native cryptocurrency of the decentralized exchange (DEX), Hyperliquid, shows a slight downtick of 0.85% during Tuesday’s U.S. market hours to trade at $62.2. The pullback likely reflects broader market volatility as Bitcoin attempts to sustain above the $77,000 mark. Hyperliquid price also faced a slight pressure from a drastic cooldown in social media engagement, but bullish momentum could replenish after a short pullback.
HYPE Token Surges While Social Buzz Fades After May Peak
Hyperliquid’s native token has gained roughly 61% over the past month, moving from approximately $38 to $65, even as the wave of social media enthusiasm that accompanied the climb has retreated sharply.
The sentiment balance peaked on May 21, with a reading of 402 – almost 10 times the average of the month of April. Social mentions also reached approximately 1,300 on the same day, which was about seven times the average number of mentions received daily in the previous month. Both figures have since pulled back by approximately 70-72%.
According to Santiment founder Maksim Balance, HYPE-related accounts on X are sharing a $250 price target with a level of confidence that suggests more as a fact than a prediction. However, the token would need to appreciate roughly 290% from its current level to reach that number.
Furthermore, the price has not followed sentiment during the downswing. HYPE gained another 9% since the May 21 high point of social activity, reaching the $60 zone. The gap between a lagging crowd and a rising price is the most obvious characteristic of the current situation.
Historically, a pattern of rising social noise followed by price continuation before a sharper reversal has appeared in prior crypto cycles. However, the current pullback in market sentiment and growing Hyperliquid price suggest the buying pressure is likely bolstered by stronger fundamentals, including trading volume, buyback mechanisms, and ETF inflows.
Thus, the HYPE coin could sustain its current market value after a post-rally correction recovers the exhausted bullish momentum.
Hyperliquid Price May Step Back Before the Next Leap
By the press time, the Hyperliquid price trades at $62.2 mark, with an intraday loss of 0.85%. A short-bodied candle with long wicks on either side reflects a level of uncertainty and slowdown in market conviction.
However, such pauses are often recorded after a significant rally as they allow buyers to replenish their strength before the next move. The momentum indicator ADX climbed to 33 accentuates the prevailing bullish momentum has strengthened, but with a further surge, the buyers could exhaust.
Therefore, the Hyperliquid price could potentially retrace roughly 11.5% and retest the recently breached rising channel pattern at $55. If this support holds, the coin price could resume its bullish momentum and rally higher.
According to pivot levels, a renewed recovery in Hyperliquid price could face potential resistance at $68.
