Key Takeaways
A major whale is adding to his long position on Hyperliquid. This was in line with the increasing interest in the exchange, which continues to fuel HYPE’s token price. Is this enough for an uptrend?
Hyperliquid [HYPE] was up about 5% in 24 hours as at the time of writing. The altcoin has seen much interest recently following its consistent growth since launch.
According to SpotOnChain post on X (formerly Twitter), a smart whale was seen adding more orders on HYPE and a couple of other tokens.
This major holder with unrealized 115% gains added a 10X leveraged long on HYPE and Pepe [PEPE] and another 40x and 25x on Bitcoin [BTC] and Ethereum [ETH], respectively.
HYPE’s OI and revenue rising
More bullish signs of HYPE token continued to emerge as its open interest (OI) rose to sixth position, outpacing that of OKX.
The OI was at $14.29 Billion, second among the derivative exchanges with cashless settlement system.
However, the 24-hour volume on Hyperliquid DEX at the time of writing, was $12.65 Billion, almost a quarter of what OKX had.
As per CoinGlass, the OI-Weighted Funding Rates were green, suggesting buyers were paying sellers. The value had risen from 0.0066% to 0.08% affirming the bullish outlook of the token.
Source: CoinGecko
The token’s upward bullish momentum could be heightened by revenue collected by the DEX. This revenue is used for buybacks, which are burned, thus reducing HYPE’s supply.
Hyperliquid led in top fees in the last 24 hours as per Artemis. HYPE accounted for more than 51% among top chains, which was more than that of Ethereum, Tron [TRX], Solana [SOL] and BTC.
Source: Artemis
As more signs of bullish continue to emerge for the altcoin, the ultimate test remains in its price action. Will HYPE carry on with the momentum, or the hype could fade as price tests the $50 zone?
Will price stay bullish too?
Looking at HYPE’s technical perspective, the price action looks to have completed a retest of the $41-$42 zone, which was broken before the current new ATH.
HYPE’s peak at $49.87 was a few points short of the $50 mark, which, if broken, could signal continuation of the rally.
Meanwhile, the volume bars were also bullish after a spell of four days where sellers were in control. This was reflected in the pullback that took price just above $44.
Source: TradingView
Alternatively, HYPE could revert to some short-term bearishness or consolidation, especially now that it made a new ATH.
An optimal scenario for continuation would be a repeat of the pattern below $40. This would see the price surpass the $50 zone, putting the next target at $75.
