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Hyperliquid has emerged as one of the strongest companies in the cryptocurrency market. While Bitcoin is down about 28% and Ethereum is down about 40%, HIPE is down about 25% over the past month and about 10% in seven days. Also in the last session, the price of hyperlicolide increased about 3%.
However, behind this overperformance, several technical indicators and derivatives suggest that the demonstration may be losing internal strength. Failed deals, weak volume and high leverage risks now put the sustainability of the hypercluster movement under pressure.
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Buying power weakens when sellers get involved again
Despite the recent price strength, participation in the spot market has begun to deteriorate.
On the daily paper, HYPE has recently paid off Towards the $36 area, but failed to sustain the bull flag breakout. The last candle posted a long upper mecca near this level, indicating that sellers are intervening aggressively. This rejection indicates increased supply (sellers) at higher prices.
At the same time, the balance volume (OBV) was trending lower between January 28 and February 5, even as the price continued to rise. OBV is a volume-based indicator that tracks buying and selling pressure.
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This divergence indicates that fewer spot buyers are supporting the rally. In simple terms, prices rise, but real demand disappears. The torque indicators flash similar warnings.
Between January 28 and February 4, The price of hyperglycolate has reached an all-time high Higher, while the Relative Strength Index (RSI), a momentum indicator, hit a lower high. This bearish divergence, as sellers regained control, was followed by a drop towards $31 before buyers returned.
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A similar structure is now formed again. The price tries to push higher, but the RSI fails to confirm the move and forms another lower high. This difference has not yet been fully confirmed. However, if the next daily candle forms below $36, the pattern will be validated.
When a weak OBV corresponds to a bearish divergence in the RSI and repeated rejections near resistance, it often indicates a slowdown in bullish momentum.
The derivatives position is heavily skewed towards buying
When the spot purchase weakens, the leveraged exposure moves in the opposite direction.
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Bybit data alone shows that short positions on HYPERE perpetual contracts are close to $17.1 million, while short positions remain at around $10.7 million. This represents a bias of about 60% towards longs. This positioning creates structural fragility.
When most traders are on the same side, even a small correction can lead to a forced liquidation. These liquidations often accelerate selling pressure and turn smaller declines into deeper declines. This risk is exacerbated by the current technical setup.
If a bearish RSI divergence occurs and price begins to slip below resistance, long financially overvalued positions may disappear. Cryptocurrency markets have repeatedly shown that prolonged bearish environments are vulnerable to sudden bearish sequences.
In the case of hyperliquids, leverage increases while momentum weakens, which is an unstable combination.
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Super liquid price levels to watch now
All technical and derivative signals are now converging around some critical level. On the side, it should On hyperliquids (HYPE) Before you recover $37 on a continuous basis every day. A clean break above this level will negate the current weakness and restore bullish momentum.
If $37 is recovered, the next resistance is near $42. Clearing this area will strengthen the trend and open the way to the $60-64 area, based on Fibonacci extensions and upside expectations.
However, downside risks remain significant. The $28 level is now the most important structural support.
A daily close below $28 will weaken the bullish structure and likely trigger a long-term liquidation, according to the HYPE/USDT liquidation chart. In this scenario, the price can quickly fall towards the $21 area, where there is deeper support.
Due to the combination of declining volume, bearish momentum signals, and heavy long-term positions, $28 has become the dividing line between a continuation of the super liquid price and a failure.
