Hyperliquid (HYPE) is under pressure after a sharp breakdown that has traders eyeing key support zones to see if the token can stabilize or slide further. Momentum shifted decisively after a rejection above $60, triggering a rapid drop that shaved more than 10% off the price in a single move and pushed HYPE toward its rising trendline support.

Chart structure shows growing weakness: a clear series of lower highs formed following the loss of momentum above $60, and the token has broken down from a rising wedge — a pattern that typically signals bearish continuation. Price has already slipped into the mid-$40s and is now pressing the fragile $41–$42 region. Each bounce attempt has been met with heavier selling pressure, leaving the immediate outlook tilted toward bears.

If the $41–$42 zone fails to hold, technical structure leaves room for a deeper leg lower, with $38 a nearby potential target and the $35 area a key floor. Some on-chain analysis points to a broader demand block around $35–$32 that historically could act as a bottom if selling intensifies; buyers will be watching that area closely for a meaningful bid.

Downside pressure has been compounded by a sudden shift in volume and rising competition from ASTER, which has drawn liquidity and attention away from HYPE. Unless buying interest returns to absorb selling at current levels, the path of least resistance remains lower.

Key levels to watch: immediate support $41–$42, next targets $38 then $35–$32 demand zone; resistance remains near the broken $60 level. For now, the setup leans bearish, and traders should monitor volume and order flow for signs that bulls can reclaim control.