Hyperliquid’s US HYPE ETF debuted with more than $1 million of inflows, yet HYPE fell about 4% to roughly $38 amid broader crypto market weakness. Analysts note two failed breaks above $45 and expect a $35 to $50 trading range with $35 and $29 as key supports; one bullish call targets $100 by summer 2027 (+163%), while others warn the trendline is broken and panic could start if HYPE drops below $38.8.

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The first Hyperliquid (HYPE) ETF debut in the US on Tuesday drew attention quickly after the fund reportedly logged more than $1 million in inflows on day one. However, trading conditions changed fast.

On Wednesday, HYPE’s price fell about 4%, sliding to roughly $38 as the broader crypto market stayed under pressure throughout the week and extended the downturn.

Failed Attempts At $45

Despite the near-term weakness, one analyst believes the altcoin still has a clear path to substantially higher levels once the current market cycle improves.

In a Wednesday post on social media site X (formerly Twitter), market analyst McKenna argued that HYPE’s recent movement resembles a local top on the altcoin’s daily chart.

According to the analysis, HYPE has tried twice to break above the closest resistance level around $45, and failed both times. McKenna pointed to what he described as a “large range” forming between roughly $35 and $50, suggesting the token may remain trapped in that band for a while as traders accumulate again.

The broader weakness in the Hyperliquid token could be linked to the continuing bear-market narrative. With Bitcoin (BTC) not showing a convincing breakout from current levels, the bear thesis is still playing out.

Two Views On Hyperliquid

Looking further ahead, McKenna’s outlook is significantly more optimistic on a fundamentals-based horizon. He said he expects HYPE to eventually push into “three digits” before summer 2027.

If Hyperliquid were to hit $100 in the coming year, that would be an increase of over 163% from current trading levels and almost double HYPE’s current price record from the previous year’s bull run, when the cryptocurrency reached about $59.

Still, the near-term picture may be even more challenging. Another analyst, Umair Orakzai, warned on X that the chart signals are turning increasingly bearish.

Orakzai said the trendline has “broken,” and that the appearance of large candles indicates the trend is no longer intact—adding that “panic” may be starting to spread. He suggested that the “real panic” could begin if HYPE falls below $38.8.

For the moment, Hyperliquid investors should focus on $35 as the next major support level. If that floor gives way, levels not seen since March—around $29—could follow.