Hyperliquid’s $HYPEtoken trades near $31 after a sharp rally stalled below $33, as derivatives data and spot flows signal a cooling yet intact bullish structure. The token surged from the $27 region and quickly tagged $32.73, marking a decisive breakout from prior consolidation.

However, sellers rejected price at the highs, forcing a measured pullback into key Fibonacci zones. Market participants now watch whether buyers defend near-term support or allow a deeper retrace