Hyperliquid (HYPE) Price Prediction: Breakdown or Breakout? All Eyes on the $37–$50 Range

Hyperliquid may be entering a pivotal phase, with strong fundamentals and chart structure pointing towards a potential return to strength. After dropping from its recent high of $49.89 to lows near $42, HYPE has found itself in a tight consolidation zone, just above a key support confluence. This pullback is drawing interest as a potential setup for the next leg higher, especially with on-chain metrics and revenue still holding strong behind the scenes.

Hyperliquid is quietly turning heads with its underlying numbers. Over the past two weeks, daily revenue has averaged an impressive $3.7 million, with more than half of the days clearing the $4 million mark. Even on weekends, where activity tends to dip, revenue rarely dropped below $3 million.

Hyperliquid posts consistent daily revenue, averaging $3.7M over two weeks, signaling strong protocol growth. Source: MetamateDaz via X

This kind of consistency puts Hyperliquid on pace for an annualized run rate of $1.35 billion, a figure that’s starting to rival some of the top players in the space.

MetamateDaz believes that while Hyperliquid is raking in strong fee generation, its pair still trades at a comparatively moderate market cap. This gap between usage metrics and price action could become a key theme going forward.

Following Hyperliquid’s strong fundamentals, the technicals are aligning similarly. As highlighted by CryptosBatman, HYPE is now retesting a confluence zone where prior horizontal resistance meets the long-standing ascending trendline. This combination of structure retest and trendline support is often considered a high-probability bounce area, especially in trending markets.

HYPE retests key confluence zone between $42 and $45, holding firm above trendline support. Source: CryptosBatman via X

The chart also shows that price is holding within a tight zone between $42 and $45, which now acts as immediate support. If this confluence zone holds, the next logical upside target sits near recent highs around $50.

Adding to the growing list of supportive signals for Hyperliquid, Tobias Reisner points out that the SWPE (Supply-Weighted P/E) ratio has dropped below 4 once again, historically a level that’s marked local bottoms for HYPE.

HYPE’s SWPE ratio drops below 4, a level that has historically marked local bottoms. Source: Tobias Reisner via X

Every previous dip below this threshold has preceded a period of strength, making this latest reading worth watching closely.

The broader context matters here too. With fundamentals holding strong and technical structure looking stable, this drop in the SWPE ratio could indicate undervaluation. If historical behavior plays out again, current levels may represent an opportunity before the next leg higher.

While key technical and fundamental signals for Hyperliquid are beginning to align, the latest liquidity heatmap offers a different angle. As shown in HYPEconomist’s chart, liquidity is heavily concentrated just below current levels, particularly around the $43 mark. That creates a strong incentive for the market to dip slightly lower and grab those remaining stops before any upward continuation.

Liquidity clusters around $43 suggest a possible stop-hunt before continuation higher. Source: HYPEconomist via X

It’s a classic liquidity sweep setup that could shake out weak hands before a stronger move higher. This could strengthen the base for a more sustainable rally, especially as many shorts remain exposed near the $49 to $52 band.

Realm’s latest chart offers a similar stance as to the liquidation heatmap. According to the projection, HYPE may still see one more leg down into the $37 to $41 accumulation zone before it gears up for a short-term push toward $50. This expectation lines up neatly with the earlier liquidity heatmap, which showed heavy bid interest just below the current range.

HYPE eyes a potential dip into the $37–$41 zone before targeting a W-shaped recovery. Source: Realm via X

From a structure standpoint, the chart displays a potential higher low forming in that $37–$41 pocket, which would preserve the broader uptrend while giving bulls a cleaner base to build from. The path drawn hints at a W-shaped recovery, a setup that, if confirmed, could drive Hyperliquid back toward its 52-week highs as Q4 approaches.

Hyperliquid’s setup is shaping into one of the more compelling plays in the market right now. With strong and steady revenue, a deflationary token model, and supportive technicals, Hyperliquid looks poised for a potential breakout, especially if the $37 to $41 zone holds. While a final dip remains on the table, the broader structure suggests any weakness could just be a reset before the next leg higher. If the W-shaped recovery plays out and momentum builds into Q4, a return to 52-week highs looks increasingly likely.