Hyperliquid Traders Face $28.9 Million Short Liquidation Risk

Hyperliquid has staged a partial recovery in recent sessions and has not fully lost bullish momentum, but futures positioning keeps the token vulnerable to abrupt moves. A concentrated cluster of $28.9 million in short liquidations sits above the $35 level, reflecting heavy short exposure among derivatives traders and persistent resistance around that area.

Technical indicators offer a more constructive near-term view. The MACD registered a bullish crossover on Sunday, suggesting strengthening upside momentum, while momentum oscillators point to improving trend conditions despite skepticism in the futures market. If spot demand follows these signals, HYPE could regain upward traction.

On the upside, a push above $34 and a breakout toward $36 would place price near the $35 liquidation cluster; triggering those short liquidations could accelerate gains toward $38 and bring the 50-day and 200-day exponential moving averages closer together, potentially setting up a Golden Cross after the squeezes.

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