- Significant whale activity, including a $29.85M leveraged long bet on Bitcoin and $19.43M in new HYPE-focused deposits, underscores increased institutional confidence.
- Technical indicators, such as the RSI at 73.51 signaling overbought conditions and a bullish MACD crossover, point to a strong uptrend.
HYPE, the native cryptocurrency of decentralized trading protocol Hyperliquid, is once again in the limelight with 15% weekly gains and a new all-time high of $43 earlier today. The altcoin is now eyeing a spot in the top ten crypto list while preparing to unseat Cardano (ADA), as reported by CNF earlier.
The daily trading volume for Hyperliquid (HYPE) has reached nearly $500 million, showing strong traders interest. The decentralized exchange (DEX) has gained much fame for swiftly handling multi-million dollar leverage trades and perpetual crypto futures such as James Wynn’s popular $1 billion Bitcoin bet, as mentioned in our previous news story.
As a result of this, the DEX’s revenue has shot up significantly, even overtaking the likes of giants like Ethereum and Solana. Amid its robust performance, some market players believe that Hyperliquid is giving tough competition to established market players like Binance.
Interestingly, Hyperliquid is getting support from former BitMEX CEO Arthur Hayes, who’s previously projected the HYPE price to hit $100 in the future. In his recent message on the X platform, Hayes speculated whether HYPE perpetual futures trading volumes could surpass those of Binance during the ongoing bull cycle. “$HYPE is melting the faces of shorts. Do you believe yet?” Hayes remarked.
Hyperliquid Whale Activity Continues to Be on the Rise
With crypto trader James Wynn popularizing leveraged long bets on Hyperliquid, other players have also joined the fray. In a bold move, a newly active crypto wallet has made waves by pulling $19.85 million in USDC from Bybit to place a 20x leveraged long bet on Bitcoin (BTC) through the Hyperliquid platform, as reported by blockchain analytics platform Spot On Chain.
Additionally, the same whale transferred an additional $10M USDC into Hyperliquid, bringing the total capital commitment to $29.85M. The position has now grown to 3,765.6 BTC (~$412.5M), with the liquidation price now adjusted to $102,815 as the position expands.
On the other hand, two newly established wallets have deposited a combined $19.43 million USDC into the Hyperliquid platform, leveraging 5x positions to go long on HYPE. This move underscores growing confidence in HYPE’s market momentum and its potential for significant gains.
As the HYPE price hits a fresh all-time high, the Relative Strength Index (RSI) for $HYPE is at 73.51, indicating overbought conditions and hinting at potential short-term exhaustion despite prevailing bullish dominance. Additionally, the MACD reveals a positive crossover above the zero line, further supporting the bullish outlook.
A decisive breakout above the $44.50 level could confirm a trend continuation, targeting the $50 mark. However, a drop below $38 may trigger a deeper correction, potentially testing the $34–$36 range as the parabolic structure faces pressure
Source: https://www.crypto-news-flash.com/is-hypes-current-momentum-enough-to-flip-cardano-ada-for-the-10th-spot/?utm_source=rss&utm_medium=rss&utm_campaign=is-hypes-current-momentum-enough-to-flip-cardano-ada-for-the-10th-spot