HYPE Surges: Whale Buy Fuels Price Rally
Hyperliquid (HYPE) is experiencing a significant price surge, reclaiming the $40 mark after a recent dip. This rally is fueled by a substantial $8.6 million whale purchase, further bolstered by increased activity in the futures market.
Whale Activity Drives HYPE Price
A major HYPE whale, known for previously generating $8.44 million in profits, recently acquired 215,850 HYPE tokens. This significant buy-in has injected fresh liquidity into the market and appears to be influencing overall sentiment. The transaction alone added substantial volume.
Over the past 24 hours, HYPE has seen a 6.58% increase, further suggesting a positive market outlook. This increase builds upon a larger bullish trend.
Futures Market Signals Bullish Sentiment
The futures market is showing strong bullish signs. Retail traders are increasingly taking long positions on HYPE, anticipating continued price growth. This is reflected in the Funding Rate on CoinGlass, which has risen to 0.0084% over the past 24 hours. A rising funding rate usually indicates that buyers are exceeding sellers.
Furthermore, Open Interest, a measure of market liquidity, has experienced a 4% increase, reaching $1.84 billion. This signifies a heightened level of activity and interest in HYPE.
Increased Trading Volume Supports Rally
The current rally is further corroborated by a significant surge in trading volume. Trading volume has hit $1.56 billion, its highest level since June 26th. This heightened activity strongly suggests a surge in trader participation and profit-taking.
Can HYPE Hit a New All-Time High?
Technical analysis reveals HYPE is currently trading within an ascending triangle pattern—a bullish formation. The price has approached the resistance level. A breakout above this level could propel HYPE to its previous all-time high of $45.80, and potentially even higher, potentially reaching $56 (a 41% increase from current levels).
However, sustained bullish momentum is crucial. If selling pressure increases, HYPE may consolidate within the triangle for a prolonged period.
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