The altcoin Hyperliquid (HYPE) experienced a remarkable surge of more than 15% in the last 24 hours, reaching a new peak of $39.96. It surpassed Sui (SUI) in market value, securing its position as one of the largest eleven cryptocurrencies. Despite immediate profit-taking, the increase in trading volume, record-breaking open positions, and renewed whale activities keep bull market participants optimistic. According to Lookonchain, a whale accumulated $28 million by holding 395,000 HYPE over the past five months and has since sold. Meanwhile, three different wallets collectively amassed 137,929 HYPE (worth approximately $5.33 million). Discussions surrounding the potential of HYPE reaching $100 on social media further fuel demand.
Technical Indicators Strongly Support HYPE Rally
After a significant price rebound of over 150% from its April low, HYPE saw a key resistance point at $30 turn into support, which catalyzed increased buying volume. The Relative Strength Index (RSI) has consistently stayed in the overbought zone for weeks, while the Average Directional Index (ADX) nearing 45 indicates the trend remains robust. The widening gap between the +DI and -DI lines at every time frame strengthens this view. Overall, technical indicators suggest that HYPE could reach new heights following a brief consolidation.
Supporting the technical setup, macro-scale data presents an intriguing scenario. Open position volume reached a record $8.9 billion, indicating fresh liquidity in the market. The exchange collected $5.4 million in trading fees in a single day, highlighting the growing appetite for leverage among users. Additionally, 3.2 billion USDC locked on the platform signifies participants’ preference for stablecoins as collateral and long-term security. These figures clearly demonstrate that the technical bullish formations are backed by real capital.
Whale Purchases Ignite Social Media Buzz
Contrary to the whale who realized profit, three new major wallets continued to accumulate even during significant price dips, strengthening the perception of “buying the dip” within the community. Analysts monitoring daily price movements calculate that these wallets entered at an average of $38.7, suggesting that their targets are likely far higher. The whales’ leveraged long positions, in turn, boost individual investors’ confidence, creating a chain reaction of purchases.
In addition, a statement from former BitMEX CEO Arthur Hayles on X predicted that HYPE might touch $100 in the upcoming bull cycle, and this went viral within hours. This brief prediction prompted an instantaneous $600 million spike in open position volume, accompanied by a 42% increase in platform transactions.
The growing social volume, especially noticeable in Turkish telegram and discord channels, has a direct impact on price movements. A rough estimate suggests that an additional capital inflow of $1.1 billion could push HYPE to break the psychological barrier of $50. If the current volume trend persists, such an amount might enter the market within days.
The recent peak achieved by HYPE results from a potent combination of whale purchases, record open positions, and increasing social interest. With strong technical indicators and ongoing liquidity flow, the prospect of reaching $100 is now more realistic than ever.
