$HYPE This move is rather interesting🤨

BTC has fallen below $70,000, and ETH has also lost the $2,000 level. The entire crypto market is down, yet HYPE is up more than 2% against the trend, currently trading around $74

This relative strength is worth watching, in my view:

On the one hand, Hyperliquid’s business performance remains solid. Over the past 30 days, the protocol has bought back about $68.8 million worth of HYPE, providing sustained buying support for the token;

On the other hand, looking at the chart, HYPE had already fallen from around $90 to around $70, with a clear downtrend on the daily chart

Although it is now outperforming the broader market, it has yet to break the previous downtrend structure on the 4H timeframe

The key level to watch next is resistance around $74–$75. If the rebound continues to fail to break through, I’m more inclined to view this rise as a recovery within a downtrend

But if it can firmly hold above $75, I’ll reassess that view

HYPE has fundamental support, and the market has indeed shown some ability to absorb selling pressure. The question is whether these buyers can truly reverse the trend