Hyperliquid HYPE slides 22% toward $50-$54 support

The Hyperliquid HYPE token is undergoing a significant market test, declining roughly 22% from its recent all-time high near $75 as it approaches a critical support zone. The pullback, which intensified on Wednesday, June 24, has brought the altcoin's price toward the $50-$54 range, a level analysts describe as the most important trend checkpoint since its rally began earlier this year.

Market data indicates a cooling of leveraged participation, with open interest in derivatives falling from approximately $2.2 billion to $1.73 billion. While this suggests traders are reducing risk exposure, spot market selling pressure has shown signs of easing from its peak in early June. The spot cumulative volume delta, a measure of net buying versus selling, remains deeply negative at nearly $95 million, indicating that while the sell-off is slowing, aggressive accumulation by buyers has not yet materialized.

Despite the broader market downturn that triggered over $660 million in liquidations, on-chain activity reveals notable accumulation by large investors. In the past day, whale wallets withdrew over $23 million worth of HYPE from exchanges, including a single withdrawal of $17.45 million...