Hyperliquid (HYPE) is moving under bearish pressure and is eyeing a decline in its value, mirroring the broader market sentiment and weakening interest in the crypto market. The HYPE price over the last 24 hours is down by 1.05%, and over the last week it is also down by 2.2%.
At the time of writing, HYPE is trading at $44.40 with a 24-hour trading volume of $232.86 million, up by 6.02% over the last 24 hours. The coin has a market capitalization of $14.82 billion, which is down by 1.06%.
Source: CoinMarketCap
The general market trend has turned bearish, and major crypto coins are struggling to catch a bullish wave. This movement has impacted the overall market, including altcoins like HYPE.
According to the crypto analyst, Onchain Lens, a major whale transaction has caught the attention of on-chain watchers after $3.158 million in USDC was deposited into decentralized perpetuals exchange HyperLiquid. Shortly after the transfer, the investor opened a short position on HYPE, HyperLiquid’s native token, using 1x leverage.
Source: X
The move has sparked speculation within the trading community about the whale’s outlook on HYPE. While the token has recently gained momentum with growing liquidity and community backing, the sizable short suggests expectations of a possible correction or increased volatility ahead
Also Read: HYPE Rally Gains Strength: Can Bulls Push Price Toward $56 Next?
Technical indicators present a neutral structure with a breakout potential for HYPE. The Bollinger Bands place support at $40.71 and a cap at $48.73 while the price is holding around the midband at $44.72.
The Relative Strength Index (RSI) is at 50.51, which suggests a balance between buying and selling pressure. Conversely, the MACD is hovering around the zero line, which shows indecisiveness but still has a bull crossover should strength rebound.
Source: TradingView
Price action shows an active bull versus bear battle and a shorter-term consolidation before proceeding to a larger directional move. A strong move above $48.73 could unlock possibilities into the $52–55 range, but a loss of traction could produce a retest of this $40.70 level of support.
The derivatives market has surged considerably; trading volume reached $991.65 million, 10.32% higher compared to the prior session. Open interest also increased 0.52%, rising to $1.95 billion, an indication that new positions were being taken up by traders.
Source: Coinglass
The OI-weighted funding rate is approximately 0.0083%, which reveals a slight long bias among leveraged traders. Although slight, this figure reveals that traders are willing to pay a premium in order to hold long positions, a sign of inherent bull optimism.
Source: Coinglass
Also Read: Hyperliquid Smashes $51, Breakout Rally Targets $55 Next
Also read: SharpLink Adds $177 Million in Ethereum, Total ETH Stash Nears $3.6B
