After reaching an all-time high of $76, Hyperliquid (HYPE) has been experiencing a sharp correction. Despite this decline, indicators suggest that the token may be stabilizing and potentially setting up for a recovery attempt.
The recent market data show a significant increase in net futures inflows, with HYPE seeing an 8-hour net inflow of approximately $1.35 million, representing a 124% increase in net flow activity. This trend is also observed on the 4-hour time frame, with net inflows exceeding $3.2 million.
Despite the correction, the overall technical structure of HYPE remains healthier than that of most major altcoins. Its 50-, 100-, and 200-day moving averages are still above its current level. The 50-day average at $51 is a significant support level below the market, indicating that bulls continue to dominate long-short ratios on major exchanges.
While there are hazards, including inconsistent spot market flows and net outflows in some shorter-term futures metrics, momentum metrics show a moderation of speculative excess. The RSI has fallen from overbought territory into the low-60 range, indicating a potential for buyers to regain control.