Hyperliquid's HYPE token, which has surged 55% in the past week and over 130% year-to-date, is encountering critical resistance, according to crypto analyst Ali Martinez. Martinez highlights that multiple technical indicators, including the TD Sequential Combo 13 and a potential green 9 sell signal, are flashing sell signals. Additionally, the Relative Strength Index (RSI) and Chande Momentum Oscillator are at overheated levels, suggesting a possible retracement to $40 if momentum wanes. Martinez notes that similar setups have previously led to significant corrections for HYPE. While a push towards $59 or slightly above is possible, he views it as an exhaustion run rather than a new upward trend. A rejection at the $59–$60 resistance could lead to a 33% pullback. Martinez also warns of a similar technical setup for ZCash, which has surged over 40% recently. ZCash faces resistance around $700–$730, with potential corrections to $500 or even $380. Both assets are significant for BitMEX founder Arthur Hayes, who holds large positions in them.