In the last three days, a major crypto whale has scooped up 170,904 Hyperliquid (HYPE) tokens worth $6 million. Another deposited $3 million of USDC onto HyperLiquid and bought 80,321 HYPE at $37.35. It had accumulated near a main resistance area, signaling that a breakout was likely.
Since April, HYPE has formed an uptrend respecting an ascending trendline and keeping the support of $32 as solid. However, the bulls came in quickly after retesting this level and pushed the price near $38. HYPE was trading at $36.62, down 2.57% at press time.. However, this pullback appears more like consolidation than weakness.
Derivatives Cool Down—But That’s Not Bearish
Despite a bullish price structure, derivatives activity has slightly eased. Daily trading volume dropped by 4.75% to $1.25 billion. Open Interest also fell 2.46% to $1.46 billion. Hence, traders may be reducing risk while awaiting a breakout confirmation. Still, this cooldown doesn’t signal bearish pressure. It shows the market is pausing before its next significant move.
Key Liquidity Zones Could Spark a Squeeze
CoinGlass liquidation data shows dense clusters around $38 and $40. These levels often act like magnets in volatile markets. A move above $38 could trigger short liquidations, adding fuel to a possible rally. Conversely, the downside shows less risk, with weaker liquidation density below $34.
Source: Coinglass
The funding rates are showing the market has a basis.
The OI-Weighted Funding Rate, currently at 0.0094%, suggests a neutral-to-slightly-bullish position of trader sentiment. By providing this stable funding, it prevents wild squeezes and proves a market determined more by spot buying from the whale and less by leverage.
Conclusion: Will we see a Breakout?
Yes. HYPE is likely to breach the $38 level very soon due to the whale’s huge bet, solid spot structure, and bullish liquidation clusters. If there’s a problem, it would arrive quickly with $40. Bulls are still well in charge as long as HYPE stays above $32.
“Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.”
