The HYPE token of the Hyperliquid platform is experiencing a correction after hitting an all-time high, leading to active market discussions.
Current Prices and Correction Level
As of this writing, the HYPE token is trading below $37, marking a decline of approximately 20% over the last 48 hours after reaching a peak of nearly $46.
Expert Predictions for HYPE Price
On platform X, traders are discussing the ongoing correction, suggesting prices could drop to 'low-mid 20s.' Expert Altcoin Sherpa noted that HYPE may fall to the low $30s if Bitcoin continues to bleed. He emphasized that HYPE is one of the best assets this cycle.
Market Trends and Trader Actions
According to HyperDash data, the majority of traders (51%) are in short positions, while 31% of the open interest is covered. Additionally, the Hyperliquid Assistance Fund purchased another $2 million worth of HYPE today, as 97% of the fees generated by traders on the platform go back toward buying back the token.
The current correction of the HYPE token is attracting significant attention among traders and experts. Market observations and analyst opinions will be crucial factors in determining future price dynamics.
