- Hyperliquid remains range-bound with bearish structure intact below key resistance
- Selling pressure persists despite sideways price action
- A liquidity sweep toward $31 or $26.5 may define the next short-term move
Hyperliquid continues to grind through a bearish phase, and so far, nothing has really shaken that structure. Bitcoin’s failure to push cleanly above the $94k resistance has kept broader market sentiment muted, which isn’t helping smaller, riskier assets. As long as BTC stays stuck, momentum elsewhere struggles to build.
Data from Dune Analytics shows Hyperliquid activity has been cooling since October. Active users and trading volume have both trended lower, suggesting engagement is fading rather than accelerating. A week ago, attention turned to the monthly HYPE token unlocks, but the conclusion was fairly cautious, it’s still too early to tell how the market will absorb that supply, especially with the buyback program operating under weaker market conditions.
Range Structure Defines the Short-Term Setup
From a price action perspective, the bearish structure remains intact. On the daily timeframe, HYPE has failed to reclaim key resistance zones at $29.88 and $30.68. Those levels continue to cap upside attempts, and price hasn’t shown the strength needed to challenge them yet.
Zooming into the 4-hour chart, a clear range has formed over the past week. The top of that range sits near $29.88, while the lower boundary is around $27.22. Until price breaks decisively in either direction, traders are likely to treat this as a range-bound market, fading extremes rather than chasing moves.
Selling Pressure Builds Beneath the Surface
Even though price has been moving sideways, volume-based indicators are flashing warnings. The On-Balance Volume has printed a new lower low over the past few days, showing that selling pressure is still present. That divergence makes short setups near the range highs more attractive than betting on clean rebounds from the lows, at least for now.
Liquidation data adds another layer of complexity. CoinGlass shows slightly more cumulative leverage sitting on short positions nearby, but there’s also a cluster of long liquidations stacked between $26.5 and $27. In other words, liquidity exists on both sides, and price could be pulled in either direction depending on which side gets swept first.
Waiting for the First Real Move
At this stage, Hyperliquid is likely to follow the path of least resistance, heavily influenced by Bitcoin’s next move. That path isn’t obvious yet, but the key targets are. Either price revisits the $31 region above the range or sweeps liquidity down toward $26.5.
Whichever move comes first is likely to be sharp and liquidity-driven rather than trend-defining. For short-term traders, patience matters. Waiting for that first impulse move, then reacting, may offer clearer opportunities than guessing inside the range.
