Crypto analyst Altcoin Sherpa has weighed in on $HYPE’s recent price action, suggesting that the token may have completed the majority of its current bullish leg.

In a tweet on July 27, Sherpa stated that while he still holds a long-term position in HYPE for staking, he expects a deeper pullback before the next major rally.

“Great coin, great metrics, insane revenue and team,” he wrote, “but I think that anyone looking for great gains like the leg from 9–40 should reevaluate.”

The chart attached to the tweet supports his sentiment. Hyperliquid surged from around $9 to over $40 in a rapid and powerful move, driven by strong fundamentals and a wave of retail and whale interest. However, after topping out, the…