Hyperliquid (HYPE) Daily Market Analysis 23 February 2026

Hyperliquid (HYPE) faces short-term volatility but shows strong fundamentals – here's the latest: • HYPE price fell 7.37% to $27.65 (23 February 2026) amid a market-wide downturn and $5M in long liquidations. • Key catalyst is the upcoming HIP-4 upgrade, expanding the platform into an "everything exchange" with prediction markets. • TradFi perpetuals now make up 31.6% of platform volume, with $2.6T annual volume in 2025 surpassing Coinbase. • Project allocated $29.94M in HYPE to establish a DeFi Policy Center in Washington D.C., signaling regulatory confidence. • Technical analysis shows consolidation; a breakout above $32.30 could target $35-38, while failure to hold $28.76 risks a drop to $23.