Hyperliquid (HYPE) recently broke out from its long-standing downtrend on the 12-hour timeframe, crossing the bearish trendline. The altcoin surpassed resistance at $25.93 and reached a high of around $27 before retracing to retest the broken trendline. If the retest holds, it could confirm the breakout and set the stage for further gains towards the next resistance near $30. However, a failed retest could indicate that the breakout was not sustainable and put the coin at risk of returning to lower support levels near $25. Hyperliquid has recently outperformed Ethereum in terms of 24-hour fee revenue, which has contributed to its price increase. The altcoin's strategic initiatives and efforts to enhance liquidity and market presence have been driving its robust performance. Additionally, the correlation between HYPE's social media engagement, particularly in mindshare and Twitter followers, has influenced the altcoin's price reactions. The recent upturn in social metrics suggests increased public interest and potential investor confidence, which could lead to further price appreciation for HYPE.



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