Abraxas Capital: Hyperliquid Shorts Hit $1.2B

Abraxas Capital has scaled short positions on Hyperliquid to $1.2B, sitting on more than $100M in unrealized losses according to on-chain data from @lookonchain.

Price action on the HYPE 4h chart shows the token trading at $95.87 and pressing directly into upper Bollinger resistance at $95.55 while RSI(14) prints 76.37 in overbought territory and MACD registers a death cross at 2.7; with the 50-EMA holding at $87.23 as primary support, a measured retracement toward that level appears the highest-probability next move before any continuation higher.