Hyperliquid saw a significant increase over several weeks, and now it’s trying to find its footing. However, the current market signals aren’t definitively pointing upwards; the situation is somewhat uncertain.
The recovery is yet to come
The price initially fell back from the mid-$40s and is now staying between $40 and $41. More importantly, it’s currently being tested to see if it can continue its recent upward trend. This trendline is key because it’s been supporting the price recovery since March.

From a technical standpoint, the asset remains above its mid-term moving averages, suggesting the overall upward trend is still in place. However, selling pressure emerges whenever the price rises to around $44-$46, preventing further gains. While the price isn’t falling rapidly, the recent increase in price is losing steam, indicating a slowdown rather than a crash.
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Derivatives data reveals some interesting patterns. We’re seeing large, sudden increases in money flowing into short-term futures contracts – sometimes exceeding 100% change. This suggests capital is quickly moving into these markets, particularly over short periods (5-30 minutes). This type of activity often signals growing speculative trading.
Net flows flip
The market isn’t simply seeing money flow in. While short-term data shows inflows, looking at longer timeframes, like four-hour charts, reveals periods where money is actually leaving at a similar rate. This difference suggests a risky, highly leveraged market, rather than steady, consistent buying.
Looking at the liquidation data, it seems like we’re not in a clear bull or bear market right now. I’m seeing both short and long positions getting wiped out, which means traders are getting punished whether they bet on the price going up or down. To me, that doesn’t feel like a strong trend continuing – it feels like the market is figuring things out and transitioning to something new.
Looking at the ratio of long to short trades can offer valuable insights. Professional traders tend to have a more balanced approach, or even favor long positions, while most individual traders lean slightly towards short positions on certain exchanges. This difference in opinion often leads to sudden, sharp price swings rather than steady movements.
For investors, the current market situation isn’t a straightforward opportunity for gains. While a price increase is possible, it’s not guaranteed. This is especially true if the current upward trend continues and selling pressure decreases. If the stock price falls below $39-$40, it could signal a negative turn and potentially drop to around $36. However, if the price stays above $39-$40 and confidently rises above $42, we could see another attempt to reach $45.
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2026-05-01 16:22