Hyperliquid (HYPE) Price Tests Critical Support Amid Downtrend Analysis

Hyperliquid's HYPE token is facing a significant downtrend, with its price recently forming new lows and testing crucial support zones. As of late November 2025, the token's price hovered around $32.90, down 1.62% in 24 hours, following a breakdown of the head-and-shoulders pattern that saw it slip below the neckline near $37–$38. This breach has intensified seller control, with analysts like Ali Martinez projecting potential downside targets at $33, $30, $28, and $26 if support fails.

Key technical levels are under scrutiny, with the first support zone between $28–$30 and a broader demand area at $30–$32. On the weekly chart, two Fair Value Gaps (FVGs) are being tested, while the daily chart shows price rejected from bearish order blocks and trading below all moving averages. The RSI is in mid-range on weekly charts and at the bottom on daily timeframes, indicating oversold conditions that could signal a potential rebound if buyers step in.

Despite the bearish price action, on-chain metrics remain robust: Hyperliquid's perpetuals DEX records $8 billion in daily volume and over $6.5 billion in open interest, underscoring its dominance in decentralized exchanges. The HIP-3 ecosystem generates $309 million in daily volume, with flat funding rates and steady open interest suggesting sustained market engagement. Notably, institutional players like Pantera Capital have accumulated 51,700 HYPE tokens, while fresh wallets injected $3.9 million, and daily buybacks absorb around $5 million, pointing to accumulation rather than distribution.

Analysts highlight a fractal pattern mirroring an earlier 2025 recovery, where a drop into support led to a sharp uptrend. For a bullish reversal, HYPE must reclaim $45 as support and break the descending trendline, which could open upside targets at $42, $48, and $55. Until then, the token remains in a range-play environment, with the $30–$32 zone acting as a critical line for any recovery narrative.