Hyperliquid Holds Strong as Whale Activity Intensifies
Hyperliquid (HYPE) is continuing to show strong upward momentum, holding above $80 with a weekly gain of over 40%. The altcoin has been trading within an ascending channel and despite retracing to $76, it has managed to hold its ground.
According to CryptoQuant's spot average order size data, big whale orders have been active on the Spot market, with $82 serving as a higher whale resistance level. This suggests that whales are aggressively buying or selling HYPE.
Two notable whales were spotted withdrawing large amounts of HYPE from exchanges. One wallet withdrew 79,800 HYPE worth $6.5 million, while another withdrew 27.29k HYPE worth $2.23 million. These withdrawals indicate strong confidence in the market and anticipation of further gains.
However, some selling activity was also observed. A whale sold all 301,937 HYPE worth $24.4 million, making over $5.3 million in profit. The exchange activity also suggests that the Spot market is experiencing more selling than buying, with a positive Netflow of $6.7 million.
The Relative Strength Index (RSI) further validates the bullish momentum, holding nearly overbought zone. With this setup, Hyperliquid is likely to reclaim $83 and potentially make another ATH. However, for the trend to collapse, HYPE needs to close below $70.