Hyperliquid's HYPE token is under significant pressure, with the price dropping 5.55%. A large holder increased their USDC holdings by $2.4 million to avoid liquidation of their $35.9 million leveraged long position. Although HYPE's daily trading volume surged 61% to $263 million, technical indicators suggest that unless the token can regain the $28.45 support level, its price may further decline to around $20.