After a sharp decline, Hyperliquide successfully defended the $40 level and rebounded to $42.80. With HYPE now hovering around $42, some whales have decided to cash out, most likely to lock in their gains.
According to Onchain Lens, a whale sold 213,419 HYPE for $8.93 million, or $41.84 per HYPE. After the sale, the whale made a profit of $2.8 million.
This whale has been on a buying spree, over the last 2 months, raking in 467,188 HYPE for $16.63 million. After purchasing at the average price of $35.59, all holdings are profitable.
After the sale, the whale still holds 253,769 HYPE worth $10.5 million.
The whale’s decision to cash out after HYPE’s retracement from $47 shows the fear of holding positions for long periods of time.
Hyperliquid market demand remains stable
Despite the profit taking from the above whales, demand for HYPE has remained stable, indicating continued accumulation.
For starters, investors continued to deploy capital into Hyperliquide. According to data from Defillama, Hyperliquid recorded $17 million in daily inflows.
While this is a significant drop from $51 million three days ago, it shows that investors remain optimistic.
Furthermore, exchange activity also echoes this demand. Spot Side activity suggests buyers are aggressively accumulating the dip.
Data from CoinGlass showed that $63.7 million was withdrawn from exchanges, up from $61.1 million in the last 24 hours. As a result, the altcoin’s Spot Netflow fell to -$2.59 million, extending the trend for almost two weeks.
Often, larger capital inflows help absorb growing pressure on the sales side, thereby helping to stabilize the market and serving as a prelude to higher prices.
Is there enough demand to absorb the pressure?
After HYPE fell to a low of $40, buyers stepped in, bought the dip, and defended the key support level. In doing so, the bullish momentum began to show some strength.
In fact, the Relative Strength Index (RSI) signaled a reversal, falling from 50 to 52. The RSI avoiding further decline suggests that buyers have pushed back sellers and largely absorbed market pressure.
At the same time, the SMI Erogdic Indicator (SMII) also held above its signals, once again confirming the resumption of bullish pressure. These momentum indicators suggest that buyers have returned in force and managed to weaken the selling pressure.
Therefore, if inflows continue, HYPE is likely to recover from this slippage and target $45.
However, if the trend of profit-making whales continues and demand from other market participants persists, Hyperliquid will experience sideways movement. A sideways move will see HYPE trading between $41 and $44.
Final summary
- The hyperliquid whale unloaded 213,419 HYPE for $8.93 million, making a profit of $2.8 million.
- HYPE managed to hold the $40 support level and surged to $42 as demand signaled a recovery.
