Hyperliquid’s native token, HYPE, is going through a correction in the past couple of days after charting a new all-time high at almost $46.

At the time of this writing, the cryptocurrency is trading below $37, marking a decline of around 20 in the past 48 hours.

hypepricechart1906251Source: Hyperliquid

How Low Can HYPE’s Price Go?

Many have taken to X to speculate on the ongoing correction. Some traders outline the serious nature of the move and predict prices as lo as “low-mid 20’s.”

Commenting on the matter was also Altcoin Sherpa, who said:

“HYPE is pulling back a bit, I think that this thing goes to low $30s if BTC continues to bleed and chop around. Still, it’s 1 of the best coins this cycle and I think it’ll eventually go much higher. I’ll still keep a bunch of it staked for now.”

Byzantine General also chipped in on the matter, outlining the importance of the long-term trendline that started forming in April. He’s of the opinion that breaking below this trendline won’t be a good sign, especially as open interest is building up.

Data from HyperDash shows that the majority of the traders (51, at the time of this writing) are short, with 31 of the open interest covered.

It’s also worth noting that the Hyperliquid Assistance Fund bought back another $2 million worth of HYPE today, as reported by Tobias Reisner. This is because 97 of the fees generated by traders on the platform go back toward buying back the token.