Hyperliquid (HYPE) Briefly Slips Below Key Support, is a Drop to $24 Coming?

Hyperliquid (HYPE) briefly dropped below $30 before recovering. While the price has returned above the level, the move raised concerns about near-term weakness.

Wallet activity, upcoming token unlocks, and technical signals continue to shape the outlook.

Breakdown Below $30 Raises Short-Term Risk

According to analyst Ali Martinez, HYPE slipped under $30 during recent trading, breaking below a level that had held for several sessions. The move was short, and the price has since rebounded, but it marked the first clear breach of this range since November. The brief drop is viewed as a sign of weakening sentiment and added uncertainty around near-term direction.

Ali noted that this move could “open the door to $24.” A step-by-step drop is visible on the projection, with lower support levels identified at $26 and $24. In a separate update, Ali pointed to a rounding top, suggesting the chart structure may also signal a move toward $16 over time.

Token Unlock and Wallet Activity Draw Attention

Tom Tucker shared that $2.2 million worth of HYPE was moved from team wallets ahead of the next scheduled unlock of 10 million tokens. The move came just before the recent decline and raised concern among market participants. Tucker commented,

Unlocks continue on schedule, and supply remains active despite new demand channels. Tokenomist data confirms a gradual drop in circulating supply, but future releases are still expected. Traders are watching how the market handles added tokens in the short term.

In addition, HYPE remains in a downtrend that began in September, when the token traded above $55. The price is now near the lower end of the Bollinger Band. RSI is near 36, suggesting pressure but not extreme conditions. Volume has picked up on recent red candles, reflecting more active selling.

If price fails to move back above $30–$32, the next area of support is in the $24–$26 range. Funding rates have cooled, showing lower leverage use among traders.

Separately, as CryptoPotato reported, Hyperliquid Strategies began trading on December 3 under the ticker $PURR. The fund holds 12.6 million HYPE tokens along with $300 million in cash reserves. It operates as a treasury reserve connected to the Hyperliquid ecosystem, offering exposure to the platform’s native token through a regulated market vehicle.

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