Hyperliquid's HYPE token is drawing attention as analysts ask whether it could be heading toward $60. HYPE trades at $84.24 at the time of writing, down 1.70% over the past 24 hours, though it remains up 8.6% across the past seven days. Daily trading volume stands at $1,115,082,484, according to CoinGecko.

Hyperliquid is a decentralized exchange for perpetual futures that operates on its own Layer 1 blockchain, with HYPE serving as the protocol's native token. Perpetual futures are leveraged derivative contracts that let traders take long and short positions without an expiration date — the structure that makes liquidation data relevant to the venue. The immediate focus is a potential head-and-shoulders pattern on the 12-hour chart, which points to a possible 22% correction. The $76–$78 neckline is now the level traders are watching closely.

Head-and-Shoulders Setup Targets $59

Analyst Ali Charts shared the setup on X about 12 hours ago, asking directly whether Hyperliquid is heading to $60. The post describes a potential head-and-shoulders top on the 12-hour chart, forming after a seven-day gain of 8.31%.

IS HYPERLIQUID HEADING TO $60? $HYPE is forming a potential head-and-shoulders top on the 12-hour chart, pointing to a possible 22% correction. Here's the setup I'm watching: • Confirmation: A sustained 12-hour close below the $76–$78 neckline. • First target: $62. • Final… pic.twitter.com/XZtVjlEbSw

— Ali Charts (@alicharts) November 2, 2026

Head-and-shoulders formations are among the most widely followed reversal patterns in technical analysis, and they are generally viewed as bearish signals when they appear after an uptrend. The structure consists of three peaks, with the middle — the head — flanked by two lower shoulders. In this setup, the neckline is the support line connecting the lows between the shoulders and the head, and confirmation requires a sustained 12-hour close below the $76–$78 level. A close means the candle finishes below the level, not just a brief wick through it; until then, the pattern remains unconfirmed.

If the neckline breaks, the analyst lists two downside targets. The first target is $62. The final target is $59, which matches the 22% correction cited in the post. Measured from the $76 edge of the neckline, $59 represents a decline of roughly 22%. Both levels sit below the current price of $84.00.

The setup also carries an invalidation level. A recovery above the right shoulder's high would weaken the bearish case. Likewise, a bounce from the 76–78 zone could stop the formation from playing out. The analyst is watching the neckline rather than anticipating the breakdown.

Liquidation Map Shows Leveraged Positions Near Key Levels

CoinMarketCap shared its HYPE liquidation map on X roughly 19 hours ago. Leveraged positions that no longer meet margin requirements are closed automatically, and liquidation maps estimate where such forced closures may cluster at different price levels. The data shows $612.39M of Hyperliquid longs could be liquidated if the price drops, while shorts above the price hold $410.62M.

CoinMarketCap | Liquidation Map $612.39M of $HYPE longs on Hyperliquid could be liquidated if the price drops. Shorts above the price hold $410.62M. The biggest group is $37.49M of shorts at $110.15 $17.15M of longs sit 8.6% below, at $78.35 $19.4M of shorts… pic.twitter.com/OGANFS6qG8

— CoinMarketCap (@CoinMarketCap) November 2, 2026

The largest cluster sits well above the market. According to the map, $37.49M of shorts are positioned at $110.15, roughly 31% above the current price, and no other group on the map is larger.

On the downside, $17.15M of longs sit 8.6% below the price, at $78.35 — a level close to the neckline zone cited by Ali Charts. A move toward $78 would therefore test those long positions. Those percentages reflect the price when CoinMarketCap published the map.

On the upside, $19.4M of shorts sit 22.4% above the price, at $104.95. Overall, Hyperliquid longs total $612.39M against $410.62M in shorts — a gap of about $201.77M.

The two datasets therefore highlight the same region: the neckline zone Ali Charts is monitoring overlaps with the $78.35 cluster of leveraged longs. That convergence pairs a chart-derived level with a concentration of leveraged positioning, giving traders two separate references for the same zone.

Price movement toward either cluster would test those leveraged positions. Neither the chart setup nor the liquidation map guarantees an outcome; both describe structure and positioning as of their November 2 posts. Price action around the 76–78 zone will show whether the pattern confirms or fails.