Hyperliquid Tokens Burned as Traders Defend Critical HYPE Support Zone

Hyperliquid's native token HYPE has seen its price drop by 3.01% over the past 24 hours, trading at $54.50 with a market capitalization of $13.76 billion.

The sharp decline follows the platform's aggressive removal of nearly $2.68 billion worth of tokens from circulation through its ongoing burn program.

Crypto analyst Chiefrat sees the current price action as a critical test of the token's strength, noting that a successful defense of the $51 to $53 support zone could set the stage for a final impulsive Wave 5 advance.

The Elliott wave theory suggests that if HYPE holds this range, it may propel the token toward the $90 to $100 target zone.