Hyperliquid’s chart has traders watching closely as price action hovers around the $34 mark, where a potential make-or-break moment is forming. The token has spent the past few weeks sliding lower, forming a clear sequence of lower highs and lower lows, classic signs of a sustained downtrend. But beneath the surface, some see a setup worth waiting for.
One seasoned market voice revealed he’s already started scaling in lightly below $34, calling it just 20% of his full position. His reasoning? The market could still go deeper, and the $28 support zone stands out as a key area that could attract serious buying pressure. That level, marked by a previous consolidation zone, represents what he described as “a high-probability value buy” if price revisits it.
The chart tells a similar story: resistance sits around $50, with an interim support at $33.8, and a major structural base waiting near $28. The magnet effect of that level, coupled with pending unstaking flows, could influence the next major move. Not all unstaked tokens may hit the market at once, if only a portion gets sold, the rest could rotate back into staking, softening sell pressure.
Yet the bigger message is caution. After a week of sharp reversals across the market, traders are learning that patience is a position too. Many were caught trying to time the exact bottom, overextending themselves in a volatile environment.
For now, the plan remains simple: stay defensive, build gradually, and wait for the market to decide whether $28 becomes the new launchpad, or just another stop on the way down.