Hyperliquid (HYPE) is currently testing its $42.51 support level following a 12.1% decline over the past week, with the price now at $43.98. This support level is crucial as it aligns with the lower boundary of a multi-month rising trend. A successful rebound could propel HYPE towards the $50–$56 resistance zone. However, a breakdown below $42 might result in further declines, potentially targeting the $36–$38 range. Traders are monitoring these key levels closely as mid-October approaches, anticipating a significant directional move.