HYPE’s recent price action has sparked market attention as a major whale investor realized profits exceeding $23 million, intensifying debate over possible selling pressure and the next direction for the token.
Large Whale Capitalizes on HYPE Gains
As of the latest data, HYPE trades near $83.80, having recently rebounded by roughly 0.50% on the 4-hour TradingView chart. However, the token remains well below its recent peak between $94 and $95.
On-chain analytics platform Lookonchain identified significant whale activity driving the narrative. The whale, who accumulated 257,928 HYPE at an average price of $3.50 per token around two years ago—totaling approximately $902,000 at the time—has now secured over $23 million in profit.
In the past week, this wallet deposited 131,421 HYPE, valued at about $11.77 million, to the crypto exchange Kraken at an average price of $89.56. The same wallet still controls another 140,506 HYPE, estimated at $12.2 million based on current prices.
Despite these significant deposits, it is not confirmed whether all transferred tokens have been sold on the exchange. Nevertheless, market participants remain alert to further movements that could increase selling pressure if more tokens are sent to Kraken.
A whale who bought 257,928 HYPE at roughly $3.50 per token about two years ago has seen their position appreciate to over $23 million in profit, following recent deposits of more than $11.7 million worth of HYPE to Kraken. The wallet continues to hold over 140,000 HYPE valued at $12.2 million.
Technical Analysis: Support and Resistance Levels
Recent technical charts indicate that HYPE has pulled back from its $94-$95 high, now consolidating in the $83-$84 range. Buyers have attempted to stabilize the token at these levels, seen as a key support zone in the near term.
If HYPE remains above this region, further upside targets could include $88, followed by resistance at $90-$92. The prior high near $94-$95 continues to stand as a significant price ceiling for bulls.
Momentum indicators reflect a mixed picture. The 14-period Relative Strength Index (RSI) has fallen to 28.33, slipping below the traditional 30-point oversold threshold, which could indicate the recent decline has become overextended. The average RSI sits near 40.47, suggesting the majority of the recent move reflected strong selling enthusiasm.
However, the RSI remaining under 30 and a lack of immediate price recovery would signal that sellers retain control, potentially driving prices lower before a meaningful rebound develops.
The 14-period RSI is now at 28.33, signaling an oversold condition, though further selling cannot be ruled out without evidence of a sustained recovery above support.
The Moving Average Convergence Divergence (MACD) indicator also points to ongoing bearish pressure. The MACD line remains below the signal line, with a negative histogram value, underscoring downside momentum. For bulls, a close above $88—coupled with a MACD crossover—would present a firmer case for a rebound.
Mini dictionary: MACD (Moving Average Convergence Divergence), a trend-following technical analysis tool that shows the relationship between two moving averages of a cryptocurrency’s price, is used to identify momentum shifts and potential reversals.
Derivatives and Volatility Metrics
Open interest in Hyperliquid derivatives remains above $3 billion according to CoinGlass, reflecting significant exposure among futures traders even as the HYPE spot price declines.
Trading volumes continue at elevated levels, with recent daily turnover reaching several billion dollars. The perpetual futures market for HYPE has seen repeated spikes in both long and short liquidations, contributing to pronounced price swings and underscoring heightened volatility as the token trades near its current support.
| Metric | Current Value |
|---|---|
| Spot Price | $83.80 |
| Recent Peak | $94-$95 |
| Whale Holdings (HYPE) | 140,506 |
| Open Interest | >$3 billion |
| Recent Daily Volume | Several billion USD |
| RSI (14-period) | 28.33 (Oversold) |
Market Awaits Further Whale Moves
Market uncertainty centers on whether ongoing whale transfers will continue to drive selling or if stabilization at $83-$84 will allow bulls to retake control. For now, traders are closely monitoring both the technical signals and any additional movement of HYPE tokens to exchanges, as these factors could determine the next key price move.
