Hyperliquid faces 22% correction threat as H&S pattern tests $76-neckline

Hyperliquid’s HYPE token is testing a $76 neckline after a liquidity sweep near $97 failed to hold, putting a head-and-shoulders breakdown and a potential 22% correction in focus. The pattern suggests bulls lost control after the recent rally, with the $76 level now the key line separating consolidation from a deeper move lower. A decisive close below $76 would confirm the bearish structure and open the measured move toward roughly $59, while holding the neckline could neutralize the setup. Traders are watching whether HYPE can reclaim the $97 zone to invalidate the bearish case.