- Whale activity signals diverging strategies but confirms strong interest in $HYPE
- $HYPE holds $38 support, suggesting a bear trap and possible bullish reversal
- Derivatives market shows mild long bias with rising volume and stable open interest
Hyperliquid’s native token, $HYPE, is drawing increasing attention as whale activity and technical momentum begin aligning. Despite recent price declines, several key market indicators suggest the token may be positioned for a strong upside move. In the last 24 hours, $HYPE has fallen 6.48%, trading at $38.17.
Whale Activity Signals Strategic Moves
In the past day, blockchain tracker Lookonchain revealed two notable whale transactions involving $HYPE. Whale wallet 0x89AB transferred $4 million USDC into Hyperliquid and immediately bought $HYPE, showing high conviction in the token’s future.
In contrast, Whale 0x4F12 exited their position, selling over 126,000 tokens for $5.31 million. This sale yielded a profit of nearly $2.89 million, achieved by entering earlier at significantly lower prices.
Despite the sell-off, the token’s key support zone around $38 has proven resilient. Price briefly dipped below it but quickly bounced back, forming what could be a classic bear trap. This price action aligns with a broader trend of accumulation at lower levels, especially by smart money investors.
Market Sentiment Remains Firm
Analyst Steve_Cryptoo maintains a bullish long-term outlook for $HYPE. He believes any price below $70 offers strong entry potential. Based on his analysis, $HYPE could soon test the $100 level if momentum continues. This optimism isn’t unfounded.
The HYPE/USDT chart recently broke past $40, supported by high volume. The move suggests renewed confidence from buyers.
The MACD remains above the signal line, indicating ongoing bullish momentum. However, the histogram shows early signs of flattening, which may lead to short-term consolidation. RSI levels, now around 63, have cooled off from overbought territory. This suggests that the market might enter a brief pause before another upward leg.
Derivatives Data Reflects Mild Bullish Bias
According to the Coinglass HYPE Derivatives Dashboard, total trading volume hit $2.95 billion a 3% rise. Meanwhile, open interest fell slightly to $1.83 billion. The 24-hour Long/Short ratio stands at 0.9175, with top traders showing a slight preference for long positions. On Binance and OKX, the long/short ratios also lean bullish, especially when measured by position size.
