Hyperliquid price flashes bearish MACD signal: drop to $50 next?

Hyperliquid has fallen sharply from its record high after a whale-led selloff triggered a wave of liquidations and pushed momentum indicators into their weakest position since the token's breakout rally began. According to data from crypto.news, Hyperliquid ($HYPE) price was trading near $62 on Friday, June 5, after plunging from an all-time high of $75.48 just a day earlier. The token briefly touched the $58 area before buyers stepped in, though sentiment remains fragile following the abrupt exit of several prominent market participants. Nothing says "healthy market structure" like a parade of well-known names hitting the exit at the same time.

The immediate bearish catalyst came from BitMEX co-founder Arthur Hayes, who liquidated his entire $HYPE position worth roughly $18 million, as reported by crypto.news on June 4. On-chain data tracked by Onchain Lens showed Hayes sold approximately 247,334 $HYPE tokens. Other prominent traders, including Andrew Kang and Andreas Brekken, were also linked to sizable reductions in exposure. The concentrated selling overwhelmed spot demand and triggered a decline that wiped more than 17% off $HYPE's value within hours. Truly a coordinated "who's selling next" moment for the timeline.

Arthur Hayes (@CryptoHayes) has dumped 247,334 $HYPE ($18.02M) and an unknown amount of $NEAR. Interestingly, the sale comes shortly after Arthur publicly challenged @KyleSamani to a $100K charity bet, claiming that $HYPE will outperform every other top-10 cryptocurrency by… https://t.co/AoaN5klG0W pic.twitter.com/JDqsZ9CK2u — Onchain Lens (@OnchainLens) June 4, 2026

The selloff came only months after Hayes publicly projected a $150 price target for $HYPE and placed a $100,000 charity wager on the token outperforming other large-cap cryptocurrencies. Following the exit, Hayes pointed to a combination of macroeconomic headwinds, including rising oil prices driven by Middle East tensions, liquidity demand from several major AI-related IPOs, and the risk of a broader downturn in financial markets later this year. The classic "it's the macro, not the position" defense, deployed at scale.

Despite closing his position, Hayes maintained a bullish long-term outlook for $HYPE. In a June X post, he wrote: "Btw just because I dumped my entire $HYPE bag, doesn't mean I still don't have faith $HYPE will best $SOL by year end. Sometimes you gotta go down to go up." A sentiment that lands somewhere between reassurance and a haiku about exit liquidity.

Additional pressure emerged from derivatives markets. Lookonchain reported that loracle.hl, a whale trader who previously lost $46.46 million shorting $HYPE, had flipped long and was facing another unrealized loss of more than $840,000 during the latest selloff. The trade underscored how quickly leverage has been punished on both sides of the market as volatility intensified. Apparently, the market accepts all short and long applications indiscriminately.

Technical structure places $55 and $50 in focus

The daily chart shows that $HYPE has retreated into a key Fibonacci support region after failing to hold above the recent breakout zone. The token is currently trading between the 0.786 retracement level near $63.9 and the 0.618 level near $54.6, measured from the January low around $20.4 to the June peak near $75.7. In other words, the chart is politely asking buyers to show up.

Hyperliquid price is close to forming a bearish MACD crossover on the daily chart — June 5 | Source: crypto.news

A breakdown below the 0.618 retracement could expose the midpoint support near $48.1, bringing the psychologically important $50 level into view. The area between $54 and $55 now represents the first major support cluster bulls need to defend. Round numbers are round for a reason, and $50 has a particular talent for attracting attention.

Momentum indicators have also deteriorated. The daily MACD has produced its first bearish crossover since the rally accelerated in May, while the histogram has turned negative. At the same time, the Relative Strength Index has dropped from overbought territory above 70 to roughly 54, showing that buyers have lost control of short-term momentum. Translation: the FOMO candle has officially gone on vacation.

CoinGlass liquidation heatmaps identify another critical zone. Dense concentrations of leveraged positions remain stacked between $60 and $64, while larger liquidity pools sit around $58 and below. A decisive move through those levels could trigger another round of forced selling and increase downside volatility. Somewhere, a liquidation cascade is licking its lips.

Hyperliquid liquidation heatmap | Source: CoinGlass

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