"Crypto Whales Bet $12.5M on HYPE, Sparking Potential Rally Amidst Market Uncertainty"

Crypto whales have recently invested $12.5 million in USDC to purchase Hyperliquid (HYPE) tokens, sparking a potential rally in the asset's price. This significant investment comes amidst market uncertainty, with most cryptocurrencies experiencing substantial declines and appearing to be undervalued.

On-chain analytics firm Coinglass reported that intraday traders are favoring long positions, with $3.09 million worth of long positions being held at the time of writing. Meanwhile, $19.68 is a level where traders betting on the long side are over-leveraged, while $21.50 is a level where traders betting on the short side are over-leveraged, with $1.25 million worth of short positions.

Technical analysis by AMBCrypto suggests that HYPE has reached a crucial support level at $19.80, a level with a history of strong price reversals. The daily chart shows that whenever the asset's price reaches this support level, it tends to experience significant buying pressure and upside momentum. This may explain the recent whale purchases.

Based on historical price momentum, if HYPE holds above the crucial support level, there is a strong possibility it could surge by 20% to reach the $25.50 mark soon. At press time, HYPE's technical indicator, the Average Directional Index (ADX), stands at 15, indicating weak momentum strength.