Hyperliquid [HYPE] has traded within an ascending channel since it held $35 a week ago, touching a two-week high of $40.9. As of this writing, HYPE traded at $40.4, up 4.7% on the daily charts, adding to its 14% weekly gains.
With market conditions turning suitable, whales have taken the opportunity to re-enter the market.
Hyperliquid whale adds $2.3 million worth of HYPE
Whales have continued to accumulate HYPE, especially as it shows strong upside momentum. According to Lookonchain, a newly created wallet deposited $5 million into HyperLiquid and began buying HYPE after it crossed the $40 mark.
So far, the whale has purchased 59.2k HYPE worth $2.3 million. Still, the account holds $2.6 million in USDC, likely to be used for more purchases. With HYPE holding above the entry price, the whale is already up $10k.
Usually, when whales enter the market during an uptrend, it signals confidence and helps defend higher levels.
Coupled with that, whales have seen their profit margin surge amid the recent gains. Onchain Lens reported that a whale who held a 5x long position since the 6th of December 2025 is now erasing all losses.
After HYPE dropped below $20, this whale saw his position go down by over $26 million. Despite the deep, the whale kept covering his position, losing $1.9 million in funding fees in the process.
However, with HYPE now trading above $40, the whale’s floating profit is over $2.77 million. Such determination to hold a losing position for five months showed confidence in the market.
Besides this whale, the market has seen an influx in demand for long positions. Coinalyze data showed that the altcoin’s Long/Short Ratio rose to 1.41, with 58.5% of positions held by longs.
This implied that most market participants flipped bullish and deployed capital, betting on the prevailing trend’s continuation.
Historically, whale buying pressure on the spot and rising profitability in the perpetuals have boosted asset price action.
Is the demand sufficient to boost HYPE?
Hyperliquid showed bullish momentum amid rising market demand, especially driven by whales. The recent demand significantly strengthened the upside momentum.
The altcoin’s Relative Strength Index (RSI) climbed to 63, remaining firmly within the bullish zone and indicating strong demand. At the same time, the altcoin held above the 9- and 21-day moving averages, reflecting a sustained upside momentum.
Such market conditions point towards the likelihood of the trend’s continuation. If the momentum holds, HYPE will flip $43 resistance, where the uptrend previously collapsed, setting the ground for a move towards $50.
However, as HYPE crossed the $40 mark, investors who had been underwater showed greater determination to cash out at these levels. As such, the altcoin recorded positive Netflow on the 9th and 10th of April, totaling $4.9 million.
A positive Netflow suggested more sellers entered exchanges as prices pumped. Such profit-taking could derail the uptrend and trigger a pullback.
If profit-takers overwhelm demand, the 9- and 21-day moving averages at $37 will provide support, with $35 as a critical level.
Final Summary
- A newly created whale wallet deposited $5 million on Hyperliquid and purchased 59.2k HYPE worth $2.3 million.
- HYPE has traded within an ascending channel, touching a high of $40.9, but profit-taking could derail the rally.
