Following a recent period of recovery, Hyperliquid is clearly exhibiting signs of short-term exhaustion, as both market structure and flow data have sharply declined. Currently trading in the mid-$30 range, the asset is falling below important short-term momentum levels, as derivatives activity declines.

$HYPElosing steam

In terms of performance, the token has decreased by more than 13% over the course of a week, with a decline of about 5% over the course of a day