Hyperliquid Price Drops 5% Amid DeFi Chaos

Hyperliquid price drops 5% as DeFi faces turmoil due to the Kelp DAO hack, sparking fear in the community. The drop comes amid heavy liquidation in the crypto market.

DeFi Sector Takes a Hit After KelpDAO Hack

The decentralized finance sector is facing turmoil after hackers stole approximately $290 million from KelpDAO, a popular liquid staking protocol. On April 18 and 19, attackers exploited a weakness in KelpDAO’s cross-chain bridge, powered by LayerZero, to create fake rsETH tokens worth hundreds of millions of dollars.

Exploiting Weaknesses

• Attackers used fake tokens as collateral on major lending platforms like Aave to borrow real Ethereum.
• This incident is now one of the largest DeFi hacks of 2026, with $290 million stolen.

Hyperliquid Price Analysis

According to TradingView, the daily and 4-hour charts are showing HYPE forming a rising wedge pattern. This setup is considered a bullish continuation pattern as long as the price stays inside the ascending channel.

Technical Indicators

The relative strength index on the 14-day timeframe is currently sitting in the neutral zone at around 47. The RSI has moved down from overbought levels above 70 during the recent high.

Key Takeaways

• Hyperliquid price drops 5% amid DeFi chaos caused by the Kelp DAO hack.
• The DeFi sector faces a $13 billion drop in total value locked (TVL) within 48 hours.
• Aave witnesses over $8 billion withdrawn in just 1 day, with its TVL falling from $26.4 billion to around $18-20 billion.
• Hyperliquid's price is hovering around the short-term 5-day, 10-day, and 20-day simple and exponential moving averages.

Frequently Asked Questions

What is the current Hyperliquid price?

Hyperliquid is currently trading at around $40.87 with a market capitalization of $10.44 billion.

How much was stolen in the Kelp DAO hack?

Approximately $290 million was stolen in the Kelp DAO hack, making it one of the largest DeFi hacks of 2026.