Hyperliquid: is the rally just beginning? key levels to watch

Hyperliquid – ready for another leg or is the hype done? Lately the perp DEX narrative has been heating up again, and according to the market Hyperliquid volume and open interest have been climbing while the token cools off after its first big launch move. That combo of growing activity and drifting price is exactly where I start hunting for swing entries.

On the 4H chart price just bounced off the thick orange demand zone around 27-28 after sweeping the lows, with RSI pushing back above 50 and forming a higher low. As long as candles hold above that orange block, I lean long toward the red supply band at 30-32 where the visible liquidity sits. I might be wrong, but ignoring this level here looks crazy to me.

My plan: buy dips into 27.7-28.0 with invalidation below the green zone around 26 ✅ First targets are 28.8 then 30-31.5 where I’d start taking profit. Alternative scenario ⚠️ if we lose 26 on a 4H close, that opens the door for a deeper flush and I’d stand aside or look for shorts into the next support lower.