HYPE has completely wiped out its New Year's rally—now trading below $24. Not exactly a stellar start to the year, if we're being honest.

But here's the thing: this pullback matters more than you might think. Reclaiming that $24 level is critical. If it holds and we push past Sunday's high near $25, there's real potential for this to stabilize and move toward something resembling a normal trading range.

The chart tells the story—we're at an inflection point. Break above resistance properly, and the narrative shifts from "falling knife" to "healthy consolidation." That's the difference between recovery and continued weakness.