Hyperliquid’s native token HYPE continues to defend the critical $28 support level, even as broader crypto market volatility pressures altcoins. Recent price action shows buyers stepping in near this zone, preventing a deeper slide and reinforcing $28 as a key structural floor.
The latest pullback pushed HYPE close to breaking below support. However, bulls quickly regained control. As a result, the token avoided a drop into the low $20 range, which many traders feared.
$28 Emerges as a Critical Support Zone
Technical analysts view the $28 level as essential for maintaining market structure. Each time HYPE approaches this area, demand increases. That reaction signals strong buyer interest and suggests investors see value at current prices.
Furthermore, the repeated defense of this level creates a clearer trading range. Traders now watch two main zones:
- Support around $26 to $28
- Resistance in the mid $30 range
If HYPE breaks above resistance, momentum could accelerate quickly. However, failure to reclaim higher levels may keep the token moving sideways.
Whale Accumulation Tightens Circulating Supply
On-chain data reveals a steady pattern of whale accumulation during recent dips. Large holders have moved significant amounts of HYPE off exchanges. This behavior often signals long-term conviction rather than short-term speculation.
Key on-chain trends include:
- Consistent buying near $26 to $28
- Exchange outflows reducing available supply
- Large wallets increasing their overall holdings
When whales remove tokens from exchanges, fewer coins remain available for active trading. Therefore, even modest buying pressure can trigger sharper price swings.
Despite the strong support, risks remain. HYPE still trades within a broader pattern of lower highs. Until bulls reclaim the mid $30 region, the market may stay range-bound.
However, the combination of firm price support and tightening supply creates a compressed setup. If overall crypto sentiment turns bullish, HYPE could respond quickly. For now, all eyes remain on the $28 level as the battle between buyers and sellers continues.
