Of Late, Hyperliquid (HYPE) Not Only Appears Making Impressive Price Movements, but Garnering Attention from Whales

Today, Onchain Lens spotted a whale who deposited $2 million USDC into Hyperliquid to buy more HYPE tokens.

A whale deposited $2 million USDC into Hyperliquid to buy more HYPE.

Onchain Lens spotted a whale who deposited $7.99 million USDC into Hyperliquid five days ago and has an open order to accumulate 100k more Hyperliquid (HYPE) tokens in the coming days.

So far, he spent $5.99 million to purchase 376,442 HYPE tokens at $15.9. Due to current price increases, his HYPE tokens currently hold unrealized profit of $266,000.

This massive deposit comes after the recent price surge, which saw HYPE’s price skyrocket from $14 to $16 in a single day.

Several on-chain indicators point out this recent buying activity and a looming HYPE’s price surge. First, looking at trading chart, the altcoin’s price is currently standing at $16.60, up 9.2% from yesterday. HYPE has been experiencing an impressive uptrend in weekly, biweekly, and monthly timeframes, with its prices up by 20.1%, 48.0%, and 25.8%, respectively. This green figures show that Hyperliquid has recently been experiencing substantial buying pressure, as both small investors and whales are accumulating the token, contributing to noticeable price rises. This shows that long-term buyers continue heightening their accumulations, optimistic for future price growth.

Moving down, the presence of whales has been crucial for the current price upward movement. The supply of Hyperliquid held by large investors has surged in recent days, suggesting that whales are not just holding onto their coins, but also proactively purchasing more. This buying activity is further supported by an increase of transaction volume by 42.32% from yesterday to currently $326.86 million. This shows that huge numbers of large holders are moving HYPE tokens from exchanges into private wallets, suggesting accumulation.

From another related perspective, Open Interest (OI) indicates a robust bullish sentiment for Hyperliquid. HYPE’s IO rose by 8.87% from yesterday, meaning that are derivatives traders are increasingly buying premiums to bet on HYPE, indicating investors’ confidence on the asset and its future price rise. This strong presence of buying pressure suggests that Hyperliquid is set to experience further price jump. Buyers are steadily entering the market at current levels, hoping for future price surge.

In short, the current price uptrend, token outflows, and increased Open Interest shows that HYPE preparing to hold firm at its current price of $16.60 and break the resistance levels of $19 and $20 soon.