Hyperliquid Price Eyes $30 As Whale Builds 5X Leverage Long Position?

Amid broader market sell-offs impacting the crypto sector, HyperLiquid defied the trend, posting a 15% gain and securing a place in the top twenty cryptocurrencies. Bullish sentiment persists, highlighted by a new wallet opening a 5x leveraged long position on HYPE.

Hyperliquid Price Rally to Continue Amid Whale Positions

A newly activated wallet has recently drawn attention after withdrawing 2 million USDC from Coinbase and transferring it to HyperLiquid. The wallet then executed a 5x leveraged long position on HYPE, entering the trade at a price of $20.03, as per data from Hypurrscan.

This substantial move has sparked interest in the trading community, with analysts watching closely for market impacts and potential price volatility in HYPE.

The Hyperliquid price surge of more than 72% over the past month has grabbed investors’ attention, as the altcoin clinches a crucial resistance of $20, eyeing another 50% rally ahead. However, our HYPE price prediction indicator highlights that it could fluctuate around the $21.5 level over the next month.

Where Is HYPE Heading Next?

After taking strong support at $10 in early April, the Hyperliquid price has surged significantly, registering major gains in 60% of the trading sessions over the past month. With improving on-chain data and whale activity, analysts are expecting the rally to continue even further.

However, for HYPE to rally another 50% from here, it should break past its point-of-control (POC), currently positioned around $23. A move above the POC would signify that trading volumes have shifted in favor of the bulls, breaking the current downward trend.

As shown in the image below, there’s a crucial support at $19, breaking under which would nullify the bullish momentum for the altcoin.

Assistance Funds and Crypto Buybacks

The assistance fund on HyperLiquid has been lauded as the most effective buyback initiative in the cryptocurrency space. Utilizing 97% of its daily revenue, HyperLiquid allocates substantial resources to purchasing HYPE tokens.

With a 30-day average daily revenue of $1.3 million, projections suggest it would take only 8.23 years to acquire the entire HYPE supply. Meanwhile, the platform’s ecosystem continues to grow, further bolstering its long-term prospects.

Since the Trump Liberation Day, a handful of other altcoins like Fartcoin, Solayer, and Virtual Protocol have been doing good, along with HYPE.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.