Hyperliquid is approaching a key technical decision point near $46 after rallying within a multi-month ascending channel, with weakening momentum raising the risk of a near-term pullback.
The token traded around $43.60 after touching $46.22, which aligns with the upper boundary of a four-month channel formed from December 2025 lows near $22.
Momentum indicators show signs of exhaustion, with the MACD histogram narrowing to 0.03 as the MACD line (0.72) sits only marginally above the signal line (0.69).
A confirmed four-hour close above $46.22 would open a path toward the $50 psychological level, while rejection at resistance could trigger a retracement toward $41.73.
The broader trend remains intact, with the 20, 50, 100 and 200-period simple moving averages all stacked below price, reinforcing a bullish structure.
Stronger support sits between $38 and $39, where multiple moving averages converge and have historically acted as a structural floor during the uptrend.
Arthur Hayes has projected Hyperliquid could reach $150 by August 2026, citing its revenue generation and roughly 40% share of decentralised perpetual trading volume.
At the time of reporting, Hyperliquid price was $44.83.