Hyperliquid’s 25% Rally Faces a Reality Check
Hyperliquid (HYPE) has been a top performer recently: it’s up about 25% over the past month and nearly 10% in seven days, with the latest session adding roughly 3%. That stands in contrast to Bitcoin and Ethereum, which are down nearly 28% and around 40%, respectively.
Behind the gains, technical clues point to weakening internals. HYPE pushed toward the $36 zone but failed to sustain a bull-flag breakout, printing a long upper wick as sellers stepped in. On-Balance Volume trended lower between January 28 and February 5 even as price rose, and the Relative Strength Index printed a lower high while price made a higher high between January 28 and February 4 — a bearish divergence that could be repeating now; a daily candle below $36 would validate the pattern.
Leverage skew compounds the risk. Bybit data show long perpetual positions near $17.1 million versus about $10.7 million in shorts — roughly a 60% tilt toward longs.