Hyperliquid – HYPE holds near $57 as whale unloads 1.95M tokens
Buyers reclaimed momentum, but $110 million in whale sales shadowed the rebound.
Hyperliquid [HYPE] recently showed strong upside momentum after establishing $53 as support.
The altcoin then climbed to a local high of $57. At press time, HYPE traded near $56.89, down 0.32% daily. However, heavy whale selling threatened the emerging recovery.
How much HYPE did the whale sell?
Although HYPE showed relative strength, some high-net-worth holders continued reducing their positions.
According to Lookonchain, one whale initially held 2.93 million HYPE worth $163.37 million. After two weeks of inactivity, the address sold another 923,743 HYPE worth $53.02 million.
Two weeks earlier, the whale sold 1.03 million HYPE worth $57.44 million.
Across both transactions, the whale sold 1.95 million HYPE worth approximately $110.46 million. Even after those sales, the address held 969,595 HYPE worth $55.5 million.
These transfers may reflect profit-taking as Hyperliquid [HYPE] recovered from its recent decline. However, the wallet’s future intentions remained unknown.
On top of that, exchange activity showed broader selling pressure.
CoinGlass data showed that Spot Netflow remained positive throughout the past week. It stood near $7.19 million at press time.
Positive Spot Netflow suggested that more HYPE entered exchanges than left them. That exchange supply could intensify selling pressure if holders moved tokens there to sell.
Therefore, active sellers may limit HYPE’s recovery despite its improving price structure.
Can HYPE reclaim $60?
Even so, HYPE’s bullish structure appeared to strengthen.
The Positive Directional Indicator [+DI] stood near 21, while the Negative Directional Indicator [-DI] held around 15. The +DI also remained above the Average Directional Index [ADX]. This setup suggested that buyers held the directional advantage.
Additionally, the MACD remained negative but moved upward. This indicated that bearish momentum had weakened. Together, the indicators supported the possibility of further upside. A sustained recovery could help HYPE reclaim $60.
However, continued whale selling could disrupt the rebound. Renewed pressure may instead push HYPE toward its $53 support.
Final Summary
- A Hyperliquid whale sold another 923,743 HYPE worth $53.02 million. The whale’s combined sales reached 1.95 million HYPE worth approximately $110.46 million.
- A sustained recovery could lift HYPE toward $60, while renewed selling may trigger a $53 retest.
