Hyperliquid's (HYPE) price has dropped over 6% in the past 24 hours despite the launch of HyperEVM, which aims to expand the platform's DeFi capabilities. The integration of Ethereum Virtual Machine (EVM) functionality is expected to bring programmability to Hyperliquid's trading ecosystem. However, technical indicators show signs of weakness, with momentum fading and bearish signals emerging. The launch of HyperEVM will be critical in determining HYPE's next major move. Hyperliquid has generated over $8.5 million in revenue in the past week, ranking among the top 20 highest-earning applications in the crypto market. The market's reaction to HyperEVM's launch will be key in determining whether HYPE breaks out of its current downtrend or continues facing pressure.



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