Hyperliquids 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.

Source: Hyperliquid

How Low Can HYPEs 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 20s.

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, its 1 of the best coins this cycle and I think itll eventually go much higher. Ill 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. Hes of the opinion that breaking below this trendline wont be a good sign, especially as open interest is building up.

Pretty important level for $HYPE with a serious OI build up.

It better not break that trend. pic.twitter.com/Xp5jJqr5s6

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.

Its 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.