Hyperliquid Token HYPE Plummets Amid Bearish Sentiment and Rising Volume

Hyperliquid's native token HYPE has been experiencing a decline in price over the past few sessions, with a 13% drop over two days. The altcoin is currently trading near its Sunday's close at $40.81, indicating that buyers are struggling to contribute any meaningful recovery.

The bearish sentiment is increasing, with long liquidations reaching $5.02 million on April 19, according to Coinglass. This suggests a meaningful cohort of traders had been betting on a breakout above the $45 resistance level, but were wiped out when the breakout failed.

The trading volume has surged by 75% over the same period, which is typically described as bearish. The weighted sentiment continues to plummet, signaling an uptick in bearish bias against the altcoin.