Hyperliquid remained in focus after posting another daily gain while staying above a key technical support area. At the time of writing, Hyperliquid (HYPE) was trading at $58.80, up 2.25% over the previous 24 hours. Daily trading volume stood at $325.50 million, while market capitalization was $14.86 billion, representing 0.67% of the total crypto market.

Analysts Watch $70–$74 Resistance for HYPE

Crypto analyst Cryptorphic said HYPE was testing an ascending trendline that has guided its recent rally, according to an X post: https://x.com/Cryptorphic1/status/2081301400026493288. The analyst also shared related chart analysis on TradingView:

According to the analysis, the trendline could become a turning point if buying activity returns. HYPE has been consolidating after pulling back from recent highs, but the price has not broken below support and has continued to trade near the trendline. That setup indicates the market is in a holding pattern, with traders watching whether support continues to attract demand or gives way to a broader correction.

Cryptorphic’s view is that continued respect for the trendline could allow HYPE to move back toward the $70 to $74 resistance area. If the token breaks above that range, the analyst said bullish market sentiment could strengthen and draw additional buyers into the market.

$50–$55 Remains the Critical Support Zone

The analysis identified the $50 to $55 price zone as the most important support area for HYPE. The token has been trading higher from that range, and the broader structure remains positive while price holds above it.

Staying above $50 to $55 would indicate that buyers remain in control despite the recent correction. A move below that area, however, could weaken the current outlook and increase the likelihood of a deeper decline before another recovery attempt.

Beyond the nearest resistance zone, analysts said HYPE could eventually reach $100 if current user dynamics remain in place. Cryptorphic also noted that stronger buying momentum could support a longer-term move toward $120. Those targets remain well above the current price and would require HYPE to break through nearby resistance, then hold higher levels around the $70 to $74 area before any approach toward $100.

Hyperliquid’s Market Position

Hyperliquid has become one of the fastest-growing decentralized perpetual trading platforms, and its native HYPE token has drawn increased attention as network activity expands. Perpetual futures are derivatives contracts without expiry dates, making liquidity, platform usage, and trader participation important factors for how markets assess projects in this segment.

The project’s trading volume and multi-billion-dollar market capitalization show that it has established a notable position in the digital asset market. As a result, HYPE’s technical levels are being followed not only as short-term chart markers but also as signals of whether demand for the token remains aligned with attention around Hyperliquid’s trading ecosystem.

For now, HYPE remains above its key support area, keeping the current bullish technical structure intact according to the cited analysis. The next test for buyers is whether the token can return to the $70 to $74 resistance zone, where a breakout would be needed before any attempt to move toward the $100 level and, potentially, the longer-term $120 target cited by the analyst.

This article contains market analysis and price projections. They are not guarantees. Crypto markets are volatile. This is not financial advice.