HYPE Crashes Key Support, Is $24 the Next Stop?

3 mins mins

Key Insights:

$HYPE breaks $30 support after three bounces, chart now points toward possible $24 move.
Whale wallet opens 10x $HYPE long using $3M USDC just after the key level fails.
Traders are watching the $27–$24 range as price continues below prior support with rising volume.

*HYPE Crashes Key Support, Is $24 the Next Stop?*

The price of Hyperliquid’s token, $HYPE, has moved below the $30 level, which had held as support several times in recent weeks. The price was trading at $28.61, with a 24-hour drop of 7.5% and a 7-day decline of 14.5%. The move confirms a breakdown after several failed attempts to reclaim the $30 zone.

The support level near $30 had previously triggered strong reactions on three separate occasions. A chart shared by Ali shows each bounce clearly, with arrows marking the earlier lows. This week’s price action saw $HYPE close below that range, followed by a brief retest that failed to push the price back up.

Technical Setup Points to Lower Levels Ahead

Following the breakdown, the chart shared by Ali outlines a path that could take the price toward $24. “Hyperliquid $HYPE is breaking through a key support level, opening the door to $24,” the post stated. The chart projects a move through lower zones at $27, $26, and $25 before reaching the next possible support near $24.

Hyperliquid $HYPE is breaking through a key support level, opening the door to $24. pic.twitter.com/oudlphRKuV
— Ali (@ali_charts) December 7, 2025

With $30 no longer acting as support, traders may now treat it as resistance. This shift in structure changes the short-term outlook. If the current trend continues, the $24 area becomes a key level to monitor in the sessions ahead.

Whale Wallet Deposits $3 Million in USDC

On-chain data shows that a newly created wallet moved $3 million USDC into Hyperliquid. The activity includes four transactions: three deposits made on December 7, 2025, and one earlier on December 4. All funds were deposited into the platform within a short time frame.

WhaleInsider shared the update, stating

“JUST IN: Newly created wallet deposits $3 million USDC into Hyperliquid and opens 10x $HYPE long position.”

JUST IN: Newly created wallet deposits $3 million USDC into Hyperliquid and opens 10x $HYPE long position – OnchainLens.

(0xf47237079aeEc748370D5aC827747F490e8f5d8B) pic.twitter.com/ZKp1WTngGO
— Whale Insider (@WhaleInsider) December 7, 2025

Furthermore, Based on that information, the trader is using the full deposit as margin to take on a $30 million long position using 10× leverage.

Position Opened After Breakdown Adds Risk

The wallet opened the long position after the breakdown below $30 had already occurred. Price has since moved lower, showing no immediate signs of recovery. The position appears to be a high-stakes entry, possibly targeting a reversal or quick rebound.

HYPE continues to trade below former support. Unless price moves back above $30 soon, the lower range between $27 and $24 may come into play. Traders are watching this area for any signs of a shift in trend.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.