Following a significant short squeeze involving the JELLY meme coin, Hyperliquid (HYPE) is currently experiencing substantial selling pressure. The incident, which involved a whale manipulating the token's price to exploit the Hyperliquidity Provider (HLP) mechanism, has triggered widespread concerns among users and investors across the platform. As a result, the exchange decided to delist the token, an action that has further impacted market confidence.

The manipulation began when the whale, holding a large position of 124.6 million JELLY tokens, initiated a strategy to crash the token's price. By dumping these tokens onto the market, the whale successfully triggered a massive passive short position for HLP. Subsequently, the whale repurchased the tokens at a lower price, pushing the price back up and causing HLP to incur nearly $12 million in losses. This event has raised serious questions about the platform's risk management practices and security protocols.

In light of the financial impact and the broader implications for user trust, Hyperliquid promptly announced the delisting of JELLY and JELLYJELLY. Had the exploitation continued, it could have potentially resulted in a $230 million loss for HLP. Despite the delisting decision, the damage to investor sentiment had already been inflicted, leading to a notable decline in HYPE's price over the last 24 hours. The market capitalization of HYPE has dipped below $5 billion, reflecting ongoing concerns about potential instability and further vulnerabilities within the ecosystem.

Technical indicators suggest that HYPE is approaching oversold territory. The Relative Strength Index (RSI), which assesses price momentum, has plummeted from 71 to 36.27 in just two days. An RSI reading below 30 typically indicates oversold conditions, while values above 70 suggest overbought territory. The current RSI reading implies that sellers have gained control, signaling potential weakness in the asset's performance. If sentiment does not improve, this could lead to further downward pressure on HYPE's price.

Additionally, the Bollinger Band Trend (BBTrend) indicator, which evaluates the strength of price trends, has decreased from 10 to 6.97 following the exploit. Values above 3 signify strong momentum, whereas readings below 1 indicate sideways movement. Although the BBTrend remains in positive territory, the decline suggests a weakening of bullish momentum. If this trend persists, it could confirm a slowdown in upward momentum, reinforcing the bearish outlook for HYPE unless a reversal occurs.

From a technical analysis perspective, HYPE may encounter critical support at $13.91 in the near term. A \"death cross,\" indicated by the moving averages, might hasten this decline. If HYPE falls below $13.91, selling pressure could intensify, with subsequent support levels at $12.82 and $12.06. Breaking these levels might exacerbate the downtrend.

Conversely, if HYPE manages to regain traction and overcome negative sentiment, it may attempt to retest the $17.03 resistance level. However, HYPE encountered resistance at this level just recently and failed to surpass it. Should $17.03 be breached and bullish momentum build, HYPE could surge towards $21 and potentially reach $25.87, marking its highest valuation since February 22. This scenario, though plausible, remains contingent on sustained positive sentiment and market conditions.

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