$HYPE whales accumulate while exchange supply rises — can bulls reach $62?
#Hyperliquid is showing an interesting battle between whale buying and increasing exchange supply.
A newly created wallet recently withdrew around 57,000 HYPE worth about $3.36 million from Coinbase. In simple terms, a large holder moved a significant amount of HYPE away from an exchange, reducing the amount immediately available for selling.
That is generally a positive sign because whales moving coins away from exchanges can indicate they are planning to hold rather than sell.
But there is another side to the story.
HYPE recently recorded around $3.38 million in positive spot netflows. This means more HYPE was moving into exchanges than leaving them. When coins enter exchanges, the available selling supply can increase.
So right now, the market is seeing two opposite signals: whales are accumulating, while exchange supply is also increasing.
The derivatives market is becoming more active too. HYPE trading volume increased almost 19% to $1.74 billion, while Open Interest reached around $2.54 billion.
Interestingly, short positions took more damage during the recovery. About $1.14 million in shorts were liquidated, compared with roughly $600K in long liquidations.
This suggests that buyers were able to push price higher and force some short sellers out of their positions.
What does the chart say?
HYPE successfully defended the $53.67 support area and then recovered above $57.10.
The price was trading around $59.59, putting the next important resistance near $62.48.
The DMI also gives buyers a small advantage, with +DI at 24.91 compared with -DI at 12.92.
For now:
$57.10 = important support
$62.48 = key resistance
If HYPE can hold above $57.10 and break through $62.48, the next major area to watch could be around $68.
But if buyers lose $57.10, the recovery could weaken and price may revisit $53.67.
#Hyperliquid is showing an interesting battle between whale buying and increasing exchange supply.
A newly created wallet recently withdrew around 57,000 HYPE worth about $3.36 million from Coinbase. In simple terms, a large holder moved a significant amount of HYPE away from an exchange, reducing the amount immediately available for selling.
That is generally a positive sign because whales moving coins away from exchanges can indicate they are planning to hold rather than sell.
But there is another side to the story.
HYPE recently recorded around $3.38 million in positive spot netflows. This means more HYPE was moving into exchanges than leaving them. When coins enter exchanges, the available selling supply can increase.
So right now, the market is seeing two opposite signals: whales are accumulating, while exchange supply is also increasing.
The derivatives market is becoming more active too. HYPE trading volume increased almost 19% to $1.74 billion, while Open Interest reached around $2.54 billion.
Interestingly, short positions took more damage during the recovery. About $1.14 million in shorts were liquidated, compared with roughly $600K in long liquidations.
This suggests that buyers were able to push price higher and force some short sellers out of their positions.
What does the chart say?
HYPE successfully defended the $53.67 support area and then recovered above $57.10.
The price was trading around $59.59, putting the next important resistance near $62.48.
The DMI also gives buyers a small advantage, with +DI at 24.91 compared with -DI at 12.92.
For now:
$57.10 = important support
$62.48 = key resistance
If HYPE can hold above $57.10 and break through $62.48, the next major area to watch could be around $68.
But if buyers lose $57.10, the recovery could weaken and price may revisit $53.67.