The Hyperliquid [HYPE] Although the price is 15% lower than its previous high of $76k, it still shows strong bullish momentum. Altcoins held up well at $60 before bouncing back to $67, a high local price.
Hyperliquid was trading at around $65 as of press time. This is a 4.58% increase on the daily charts. During the same period, volume increased 88% reflecting increased market activity.
Whale dumps $5.18M worth of HYPE
You can also read our article on After HYPE Some whales are now taking advantage of the recent rebound from $60.
The following is a list of LookonchainA whale associated with a16z has deposited $5.18million worth of HYPE into OKX, and Bybit. The whale has been aggressively accumulating HYPE, but now it appears that the whale is rotating to other assets.
Lookonchain revealed that, shortly after selling the ETH for $782,000, the whale bought ETH in an amount of $782,000. This indicates a change in preferences towards Ethereum, which still trades at a price well below it peak.
Market demand remains steady
The market is still optimistic, even though some whales have cashed out. In turn, this has led to investors continuing to collect HYPE.
Exchange Activity still shows buyers dominating the market. In the last week for instance, Spot Netflow is still negative and has dropped 155%, to $32.8 million.
When Netflow remains negative over a long period of time, this suggests investors continue to be bullish. Sometimes, increased buying pressure leads to a stronger market that results in more price gains.
The retail trader is the major driver of the accumulation. Spot Retail Activity reveals that retail traders have been increasingly active.
Over the past week, the Spot Market saw ‘Too Many Retail’ orders for five days and only recorded ‘Few Retail’ orders on the last two days.
What’s Next for HYPE
The hyperliquidity momentum continues to be fueled by retail investors. Overall, the market is still slightly bullish.
As the ADX and +DI are rising, the momentum is currently in favor of the upward movement. The indicator is pointing upwards. Hyperliquid’s $70 mark could be a retest if momentum is maintained.
If reduced retail activity signals a weaker market, it may be difficult to overcome the resistance of $70, which could lead to the altcoin dropping back to $60.
Final Summary
- The whale has deposited $5.18 Million worth of HYPE into OKX, Bybit and Bybit.
- The hyperliquid market structure is bullish. Retailers are holding the market in order to move it above $70.
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Source: ambcrypto.com
