Hyperliquid (HYPE) experienced a 6% decline, trading between $45 and $46 after failing to maintain a key trendline. Analysts predict a potential rebound to $55–$60 if the price stabilizes above critical support levels. On-chain data reveals a long-to-short ratio of 0.80, the lowest in over a month, suggesting increased short positions. Despite bearish momentum indicators like RSI and MACD, spot activity remains positive as the token holds the mid-$40s. The protocol's daily fee revenue of approximately $3 million and ongoing buybacks are considered supportive factors for a potential price recovery.