Hyperliquid Price Forecast: HYPE Risks a 14% Drop If This Happens

Hyperliquid (HYPE) has gone down by 7% today and has accumulated a 15% drop in the past 7 days after a handful of whales reportedly cashed out on their early HYPE bets.

Yesterday, the crypto analytics firm Lookonchain revealed that Multicoin Capital transferred nearly 400,000 HYPE tokens to Coinbase Prime and requested to unstake almost 212,000 tokens less than a month after they published a bullish report on this cryptocurrency.

Multicoin Cashes Out on HYPE Before It Hits Its Long-Term Target of $319

In a piece titled “Hyperliquid (HYPE) Analysis & Valuation,” Multicoin stated that “Hyperliquid’s trajectory looks eerily similar to Binance’s early years.”

They also set forth a long-term target of $319 for the token, claiming that, at $63, it was currently trading at 36 times its trailing twelve months (TTM) earnings. They projected $8 billion in annual profits by 2028, which, at a 20x price-to-earnings (P/E) multiple, results in a potential 5x gain.

However, this recent move to cash out of Hyperliquid’s short-term gains has raised eyebrows about the firm’s motivations to publish this report among the crypto community.

On-chain data indicates that Multicoin bought HYPE at around $30, meaning that unwinding all of its positions at the current price would result in a gross profit of around $18.5 million.

Similarly, reports circulated across social media earlier this month that Selini Capital also requested to unstake over 500,000 tokens valued at more than $30 million.

Although unstaking does not mean selling, it is the first step that a token holder would take to do it. If those tokens are transferred to an exchange like Coinbase, there is a clear intention to offload them into the market.

All of this potential (or actual) selling has put pressure on HYPE, pushing the token down from a recent high of $70 to $58 at the time of writing.

Despite this setback, HYPE is still one of the top-performing assets in the crypto space in 2026 with year-to-date (YTD) gains of 129%. However, whether it can hold on to those gains is now under question as the token is approaching a key area of support.

Hyperliquid Could Drop By 14% If It Loses This Key Support

Looking at the daily chart, we can see that a double-top pattern has unfolded as we outlined in a recent Hyperliquid price prediction.

This bearish setup tends to precede a strong drop in the price of an asset. Although one of our scenarios for HYPE was a breakout above $75, that wasn’t the case as these reports about whales dumping the token started to circulate.

Now the price action is retesting a key area at $58 that shows confluence between a former trend line resistance that should now act as support and what has also been a former supply/demand zone.

We expect that a break below this level could result in a 14% loss for HYPE as the market will likely retest the 200-day exponential moving average (EMA).

However, if that technical support is lost, the odds of a much deeper correction will increase dramatically, and HYPE could revisit lower price areas at around $40.