Hyperliquid’s HYPE token is navigating key resistance levels as traders analyze market signals for potential movement. With the recent launch of the HyperEVM, the project has taken a major step in expanding its ecosystem, but price action remains uncertain.

CryptoBusy (@CryptoBusy) highlighted that HYPE is currently testing both the 0.618 Fibonacci retracement level and the psychological resistance at $30. Multiple touches at this level suggest a pivotal moment for the token’s trajectory. 

A breakout above this threshold could indicate strength and further upside potential, while failure to breach may lead to price consolidation or a pullback.

Keeping an eye on this chart: #HYPE

Did you know? Hyperliquid’s chain supports 100K orders per second—huge scalability!$HYPE is testing both the 0.618 Fibonacci retracement and the $30 psychological resistance.
Multiple valid touches suggest we’re at a pivotal point for the… pic.twitter.com/UhSORXvTCA

Meanwhile, Hyper_Updates (@hyper_updates) pointed out that HYPE’s current price movement aligns with weekly fractal patterns. The account noted that the first problem area could trigger a reaction, with key levels at $24.6 and $22.5 playing a crucial role. 

If HYPE fails to close above $25, a retest of $22.5 might be in sight, where stronger support exists. The tweet also acknowledged that many traders who anticipated a rally to $30 or $35 saw missed profits following the HyperEVM launch.

The Hyper Foundation (@HyperFND) announced the launch of the HyperEVM, a major step in integrating general-purpose programmability into Hyperliquid’s ecosystem. 

The mainnet release ensures that HyperEVM blocks are part of Layer 1 execution, inheriting security from the HyperBFT consensus. Additionally, spot transfers between native spot HYPE and HyperEVM HYPE are now enabled, with HYPE serving as the native gas token.

The HyperEVM is live. This is a major step toward the vision of housing all finance by bringing general-purpose programmability to Hyperliquid’s performant financial system. The initial mainnet release of the HyperEVM includes:

1. HyperEVM blocks built as part of L1 execution,… pic.twitter.com/sleqk1N7T5

The launch also introduced a canonical WHYPE system contract deployed at 0x555…5 for DeFi applications. The foundation assured developers that tooling and analytics around the HyperEVM would improve over time. The initial rollout includes a JSON-RPC server for mainnet HyperEVM at rpc.hyperliquid.xyz/evm, while raw block data is streamed in real-time to S3 for easier indexing.

Read also: XRP Price Prediction For February 18

According to CoinGecko, HYPE is trading at $23.91, reflecting a 6.97% decline in the last 24 hours and a 3.40% drop over the past week.  The token’s daily trading volume stands at $290 million. Market participants are watching the $24.6 support level, with a failure to hold potentially leading to further downside.

Traders remain divided on HYPE’s next move. Some see the potential for a recovery if key resistance levels break, while others prepare for a deeper correction should support levels fail. With Hyperliquid expanding its infrastructure, the ecosystem’s developments could play a key role in shaping HYPE’s future price action.

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