Hyperliquid (HYPE) Price Prediction: All Eyes on $34 as Key Reversal Zone Comes Into Play

Hyperliquid approaches a crucial demand zone near $34–$32, with technical and on-chain signals hinting at a potential bullish reversal.

Hyperliquid is showing signs that it may be gearing up for a major move, as key indicators flash a possible bottom forming. Market watchers are eyeing the $34 to $32 zone closely. If buyers step in here, it could trigger a fast rebound, especially with internal signals like the SWPE ratio and bullish divergence starting to line up in HYPE’s favor.

Hyperliquid Approaches Untested Demand Block Near $34–$32

Since reaching a top of around $49.90, Hyperliquid has gradually declined, now trading near $37 as it approaches a well-marked demand block. The highlighted zone between $34 to $32 remains untouched so far, and would mark the first real test of buyer strength if the price dips into it. This corrective structure hasn’t broken down aggressively, but rather shows controlled lower highs.

Hyperliquid nears an untouched demand zone at $34–$32, setting the stage for a potential V-shaped rebound toward new highs. Source: EchoesofETH via X

The chart laid out by EchoesofETH projects a potential V-shaped rebound if this demand block holds, with the next major target sitting around $54. This level not just represents a new all-time high for Hyperliquid but marks a full recovery of the recent downtrend. However, any upside attempt will likely face resistance at the mid-range near $49.90, where the previous ATH was.

SWPE Ratio Hits Historical Entry Zone Again

As Hyperliquid’s price structure nears critical support, the SWPE ratio, an internal valuation signal, has just dropped to 3.05, a level that historically marked the start of major upward moves. The visual from 0xPicasso shows that the last three times the ratio approached this zone (March 7, March 16, and April 8), it coincided with HYPE trading at significantly lower prices: $14, $13, and $11, respectively. Each time, the reaction that followed wasn’t immediate, but it marked the bottoming phase that set the stage for the next leg higher.

Hyperliquid’s SWPE ratio drops to 3.05, a level that previously marked key bottoms and triggered strong price recoveries. Source: 0xPicasso via X

Compared to those prior entries, the current setup offers a similar opportunity. While the price structure approaches untested demand, this chart adds weight with internal data.

Momentum Indicators Signal Potential Reversal at Key EMAs

The latest chart shared by mo_xbt adds another layer of technical structure to Hyperliquid’s ongoing correction. The price has now tagged the 12H 200 EMA, a dynamic support that often acts as a pivot zone for larger trend shifts. Alongside that, a dotted moving average, likely the 100 MA, has also been retested, reinforcing the idea that HYPE is at a possible local inflection point.

The price action remains compressed between these EMAs, and the absence of sharp breakdowns suggests buyers could be making their comeback.

Hyperliquid tests key EMAs as bullish divergence emerges on RSI and stochastic, signaling a potential local bottom. Source: mo_xbt via X

More importantly, the lower indicators highlight a developing bullish divergence across both stochastic and RSI. While price made a lower low, the oscillators have turned upward, hinting at weakening selling pressure. Coming right after the SWPE ratio’s drop into historically reactive territory and the untested demand block at $34 to $32, this confluence of signals shows the downside could be exhausting, with the ingredients aligning for a potential reversal.

On-Chains Reinforce Long-Term Structural Strength

Hyperliquid continues to show internal resilience despite recent price weakness. Ongoing buybacks from the assistance fund have steadily ramped up, with notable spikes in volume aligning near prior price lows. The average price of these buybacks has also remained elevated, showing that institutional confidence hasn’t flinched even during pullbacks. This kind of protocol-driven accumulation often provides a soft floor for price and adds weight to the argument that the recent drawdown is corrective, not trend-breaking.

Hyperliquid’s protocol-led buybacks accelerate near price lows. Source: kidponga via X

Complementing this is the absorption ratio, which tracks how efficiently sell volume is being absorbed by the market. Historically, dips in the absorption ratio have marked local bottoms, and that same dynamic now appears to be resurfacing. As sell pressure slows and absorption improves, it reinforces the broader Hyperliquid price prediction narrative.

Absorption ratio dips to key levels as the market begins efficiently soaking up sell pressure, hinting at a potential Hyperliquid rebound. Source: kidponga via X

Final Thoughts

Hyperliquid is entering a critical zone where both technicals and internal data point to potential upside. The untested $34 to $32 demand block, backed by bullish divergences and key EMA supports, offers a rare setup where risk and reward appear to align. Add in the drop in the SWPE ratio to historically reactive levels, and it becomes clear that this isn’t just another random pullback, it might be the moment accumulation starts quietly flipping the narrative.

But while the setup looks constructive, it’s the response from this zone that will confirm whether Hyperliquid’s correction is over. With institutional buybacks still active and absorption metrics improving, the case for a rebound toward the $49 to $54 region is growing stronger.