Hyperliquid Faces Short-Term Pressure After Rejection Near $28.5 High

• Hyperliquid is down by 6.15% for $24 with $366.31 million trading volume.
• HYPE was rejected near $28.5 and found support around $23.76, indicating a possible reversal.
• Hyperliquid’s led blockchain metrics in terms of fee and volume were quite impressive.

Hyperliquid (HYPE) is trading at $24, reflecting a 6.15% decrease in the last 24 hours as a result of a rejection at a higher level. However, the market activity in the token has been substantial. The 24-hour trading volume of HYPE is $366.31 million, and its market cap is $7.22 billion, representing a 0.23% market share of the entire cryptocurrency market.

Upside Potential Toward $28.5 Remains

As shared by Crypto TXG, HYPE was unable to move past the region of resistance at $28.5, causing a price drop. While this correction was underway, it seemed to slow down around the region of support at $23.76, where there was buying pressure, causing a temporary relief rally. This relief rally indicates that there is buying pressure at current levels, preventing further decline.

The technical outlook presented by Crypto TXG suggests that if HYPE sustains its strong rise from the support level, the price may again test the $28.5 mark. However, if HYPE fails to hold support at the $23.76 mark, the price could fall even lower, and the next strong support level will be around the $21.045 mark.

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Rebound or Correction? Hyperliquid’s Next Steps

Coin Bureau indicated that Hyperliquid was the leading blockchain with fees over the last 24 hours. The blockchain was also the leading one with trading volumes over the last 24 hours, indicating high adoption levels for its ecosystem. High fees are indicative of high levels of protocol engagement, which is ideal for the development of the blockchain.

In the meantime, while HYPE is experiencing price pressure in the short term following the rejection, the data related to the performance of the network indicates that the community is actively participating in Hyperliquid. The next few sessions will probably determine whether the current correction turns into an upward movement.

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