Hyperliquid has been all over the place lately. After dipping as low as $35.53 in late July, HYPE price bounced hard and almost touched $50 by early August.
Since then, it hasn’t picked a clear direction. Right now, the token is trading around $45.39, moving sideways as traders wait to see if the next big breakout will be up or down.
What you'll learn 👉
What the HYPE Chart Is Showing
If you zoom in on the 4H chart, you’ll see just how tight the range has become. Every time HYPE price gets close to $49–$50, sellers step in and push it back down.
But on the flip side, whenever price dips toward $40–$42, buyers show up to defend that zone. This has created a tug-of-war where neither side is really in control.
The key takeaway? Until one of those levels gives way, we’re probably going to see more sideways action. A breakout over $50 would be a big signal that bulls are back in charge, but slipping under $42 would give bears the upper hand again.
Market Indicators
The numbers tell the same story. Volume is light, sitting around 21.7K, which means traders aren’t committing heavy capital right now.
Open interest is down to about $5.23M, showing less leverage compared to the July run.
Positioning is also pretty balanced. Longs haven’t really stepped up, net longs are flat at around -9.50M, while shorts are holding steady at roughly 7.38M.
That mix explains why HYPE price feels stuck. Bulls aren’t pressing, but bears aren’t going all-in either.
HYPE Price Short-Term Outlook for September
So what’s next? For September, HYPE looks set to keep chopping between $42 and $49 unless something shakes it loose.
A clean break above $50 could quickly bring momentum back and open the door toward $55. On the other hand, if HYPE price loses support in the low $40s, the market might drag it back toward $35.5, which was the July bottom.
For now, the outlook leans neutral with a slight bullish tilt as long as higher lows keep forming. The real question is whether buyers have enough strength to squeeze through $50, or if bears are just waiting to pull the market back down.
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