Hyperliquid and Zcash are leading the altcoin market, but analysts warn that crowded sentiment and stretched indicators may raise pullback risk.
Summary
- Hyperliquid trades near $59 after hitting a $62.18 all-time high on May 21.
- Zcash is up over 100% in 30 days, but traders now watch the $700 resistance zone.
- Analysts warn crowded sentiment and overbought signals may raise pullback risk for both assets.
Hyperliquid traded near $59.11 on May 22 after gaining 29.68% over seven days and 45.77% over the past month. The token reached an all-time high of $62.18 on May 21, while 24-hour volume stood at about $1.42 billion.
The move keeps HYPE among the strongest large-cap crypto assets during a weaker market. Related coverage noted that HYPE broke above $60 on May 21, with ETF demand and DeFi-native speculation helping drive the rally.
Ali Martinez said in a post on X that Hyperliquid’s price action has drawn record social attention. The analyst said HYPE has reached new all-time highs while social media mentions also moved to record levels.
That attention can support momentum, but it can also raise risk. When a trade becomes crowded, traders often watch for signs that late buyers are entering near resistance instead of early in the move.
HYPE traders watch the $60 zone
Ali Martinez said HYPE is approaching a key resistance area while several indicators show possible exhaustion. He pointed to an active TD Sequential Combo 13 sell signal, overbought RSI, and elevated Chande Momentum Oscillator readings.
The analyst said HYPE “could still push toward $59 or even slightly above $60” before momentum fades. He added that rejection from that area could open a move toward about $40. That view is a conditional setup, not a confirmed price path.
Recent HYPE coverage also carried a similar caution. After the break above $60, crypto.news noted that short-term volatility risk remained high even as medium-term structural flows stayed supportive.
Those flows include new listed products. 21Shares launched the first U.S. exchange-traded funds tied to HYPE, including a spot product with staking exposure and a leveraged product. The firm said Hyperliquid handles about $8 billion in daily trading volume and directs more than 95% of fees toward daily HYPE buybacks.
Bitwise has also linked its Hyperliquid ETF fee model to HYPE demand. The asset manager said it would use 10% of management fees from its BHYP product to buy and hold HYPE on its balance sheet.
Zcash price rally faces $700 test
Zcash traded near $645.63 on May 22, down 2.76% over 24 hours but still up 20.35% over seven days and 100.43% over 30 days. Its 24-hour trading volume stood near $690 million, while its market cap was about $10.8 billion.
The rally pushed ZEC close to the $700 area before a mild pullback. The same price data showed a 24-hour range between $645.73 and $682.56, keeping traders focused on whether buyers can reclaim the upper end of the move.
Recent crypto.news coverage said ZEC moved toward $700 after confirming a bull flag breakout. That report linked the rally to regulatory relief, institutional accumulation, and stronger technical momentum.
Ardi said on X that the recovery toward $680 did not look mainly retail-driven. He said retail participation stayed mostly flat while buying came from mid-sized flows, with larger flows starting to recover after the correction.
ZEC traders weigh breakout and reversal risk
Ali Charts said Zcash has climbed more than 40% in one week and is nearing the same $700 to $730 area that caused a major rejection in November. He also said the TD Sequential is flashing a weekly sell signal.
The analyst said the weekly signal matters because any confirmed correction could be larger than a short-term pullback. He mapped a first downside area near $500 and a deeper retracement zone near $380.
That warning fits earlier market caution. A recent crypto.news report said traders had already been weighing a possible $750 target against leverage risk. The report cited concerns that weak spot demand and heavy perpetual trading could expose ZEC to faster reversals if momentum fades.
Another recent report said ZEC’s monthly rally had already crossed 70%, with a golden cross adding to bullish expectations. It also noted that Multicoin Capital’s ZEC accumulation disclosure and rising privacy-asset demand helped fuel the move.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
