Hyperliquid is showing signs of consolidation after an impressive 60-day rally of more than 23%. Currently trading across exchanges at $45.54, the token has shed 0.68% since yesterday, but still remains up 7.92% for the week. Following this, its valuation stands at $15.2 billion, while the intraday trading volume shot up 43.77% to $375.75 million.

It is worth noting that the token recently faced stiff rejection near the $49.52 swing high, just shy of its ATH at $49.86 recorded last month. That being said, marketers appear to be taking profits as macro uncertainty and mixed whale behavior cloud the near-term outlook.

Reasons Behind the Recent Dip

• Fed rate uncertainty: The 87.3% probability of a September rate cut is fueling cautious positioning.
• Mixed whale activity: Large addresses remain divided, with aggressive spot accumulation clashing against leveraged short positions.
• Liquidation clusters: The $42–$44 range is packed with leveraged positions.

Hyperliquid Price Analysis

HYPE’s price action shows a crucial battle between bulls and bears. The 38.2% Fibonacci retracement level at $44.21 now acts as an important support zone. A sustained close below $42.57 could drag the price down to $35.42 if liquidations intensify.

The Bollinger Bands on the 4-hour chart indicate shrinking volatility, while the RSI at 54.7 signals neutral momentum. This suggests the market could swing in either direction depending on whether buyers can defend the mid-$40 region.

On the upside, bulls need to reclaim $46.36 and push past $49.52 to retest the ATH at $49.86. A breakout above that level could extend the rally toward the $56.7 resistance zone.

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