HYPE’s rally loses steam after brief break above $31

Hyperliquid’s $HYPE token has seen a dramatic start to the week.

After briefly surging past $31, the token’s price quickly retraced below $30, leaving traders debating the next move.

This volatility is part of a broader consolidation phase that Hyperliquid (HYPE) has been navigating for months.

HYPE price has been range-bound

For weeks, HYPE’s price has been trading within a clear trading range between $28 and $37.

This range has acted as a stable corridor amid broader market turbulence.

The structure is appealing to traders because it provides predictable support and resistance zones.

Currently, the token is hovering near the lower end of this range.

This is a critical area, as a bounce here could trigger strong buying interest.

Support in the $27.50–$28.50 zone has held firm through recent swings, signalling that buyers are stepping in when the price approaches key demand levels.

On the flip side, immediate resistance sits around $32–$34.

Breaking through this level would open the door for further upside, but hesitation near these numbers has kept the token contained for now.

Technical outlook

According to technical analysis, the HYPE cryptocurrency must hold above $28.98 to maintain the potential for upside continuation.

If it can sustain this level, the first major resistance target to watch is $32.28.

A successful push beyond that could see the token test $35.03, with $39.87 representing the next key hurdle.

However, the situation is not without risk.

Analysts note that if $28.98 fails to hold, a further drop toward $25.85 is possible.

This makes the lower pivot an important reference point for traders looking to manage risk.

Consolidation between these critical levels indicates that the market is deciding between accumulation and distribution.

Market sentiment, which has hit extreme fear as dollar shorts hit a record high, and the broader market conditions will ultimately guide the next directional move.

Hyperliquid price forecast

Looking ahead, HYPE’s near-term trajectory is shaped by a few key zones.

The $28–$28.50 range remains the most important support for now.

A strong bounce from this area could lead to a retest of the $32–$34 resistance.

Breaking above $32.28 would be the first sign that bulls are regaining control.

If the momentum continues, the token could target $35.03, with $39.87 representing a longer-term upside potential.

Conversely, if Hyperliquid coin slips below $28.98, traders should watch for further downside toward $25.85.

Overall, patience and careful observation are critical.

Watching volume and price action near these levels will give the clearest signals for the next Hyperliquid price move.