Hyperliquid’s native token HYPE has extended its downtrend through November and December despite a brief 24.1% relief rally from $29.15 to $36.17. On the daily timeframe, the HYPE price chart continues to print lower highs and lower lows, confirming a firmly bearish market structure. Analysts also flag monthly HYPE unlocks of 10 million tokens as a potential source of future selling pressure, even though their full impact on Hyperliquid’s price dynamics is not yet clear.