Hyperliquid price decline continues? After facing resistance at $35, it may drop to the key support level at $22

February 28 News: Hyperliquid’s price faces resistance at high levels again, forming a macro “lower high” structure, with ongoing correction pressure increasing. After failing to regain a key volume zone, technical indicators point to the next significant support area around $22.

From a higher time frame, Hyperliquid remains in a clear bearish structure. The price has rebounded multiple times but continues to make lower highs, with no substantial trend reversal. Recent rebounds around $35 encountered resistance at this level, which coincides with the volume-weighted average price (VWAP) and the high point of the value area, forming a strong resonance resistance zone. The price pulled back under pressure, indicating sellers still hold the dominant position.

After being blocked, the market retreated to the Point of Control (POC). The POC represents the most traded price area within the current range, often serving as a key dividing line between bulls and bears. However, Hyperliquid failed to stabilize above the POC and instead broke below this volume support, suggesting insufficient demand and increasing likelihood of trend continuation.

Following the loss of POC support, the market entered a new correction phase. Technical structure shows that if the price continues to trade below the POC and faces resistance at higher cycle levels, liquidity may shift down to the $22–$21 range. This zone is not only a previous swing low but also a potential phase panic release area, regarded as an important medium- to long-term demand test zone. (Source: TradingView) For investors monitoring Hyperliquid’s price trend, whether $22 can form an effective support will be a key point in judging whether the trend will further deteriorate. A volume-supported rebound in this area could create conditions for subsequent structural recovery; if it fails to hold, deeper correction risks should be watched. Under the current technical landscape, the market remains cautious.