Although there is excessive fluid (The noise) is 15% below the high of $76,000 reached a week ago, and the market is still showing strong upward pressure. In fact, the altcoin managed to hold $60 and rebounded to a local high of $67 before pulling back a bit.
At press time, Hyperliquid was trading at around $65, up 4.58% on the daily charts. At the same time, trading volume increased by 88%, reflecting increased market activity.
A whale dumps $5.18 million into HYPE
after The noise Oil prices have rebounded from their recent lows to $60, and some whales have resorted to taking profits.
according to LoconchineA whale linked to a16z deposited 77,402 HYPE, worth $5.18 million, to OKX and Bybit. Having previously accumulated HYPE aggressively, Whale now appears to be turning to other assets.
Shortly after the sale, Lookonchain reported that a whale had purchased $782,000 worth of ETH, signaling a shift in preference toward Ethereum, which continues to trade at a price well below its peak price.
Market demand remains constant
Although some whales are starting to cash out, the broader market remains optimistic. As a result, investors continued to pile on the hype.
Given the stock market activity, buyers still control the market. Over the past week, for example, Spot Netflow remained negative, falling 155% to -$32.8 million.
With Netflow remaining negative for a long time, it indicates that investors are mostly optimistic and continue to accumulate. Often times, higher buying pressure strengthens the market, leading to more gains on the price charts.
It is important to note that retailers largely drive the accumulation. A look at spot retail activity shows that retailers have remained increasingly active.
Over the past week, the spot market has seen “a very large number of retail orders” for five days and only recorded “a very small number of retail orders” in the past two days.
What’s next for HYPE?
Retail investors continue to drive the momentum of excessive liquidity, which is slightly bullish overall.
With ADX rising alongside DI+, bullish momentum currently has the advantage. This indicates that the indicator is indicating a continuation of the upward movement. If the momentum continues, Hyperliquid may retest the $70 level.
However, if lower retail participation signals weaker activity, the $70 resistance level may still be difficult to break, which could send the altcoin falling back towards $60.
Final summary
- A whale deposited 77,402 HYPE, worth $5.18 million, to OKX and Bybit.
- The hyper-liquidity market structure remains bullish, with retail traders holding on to the market, seeking a move above $70.
