HYPE Token Surges 11% as Whales Buy 794,104 Tokens

Hyperliquid’s HYPE token has surged over 11% in the last 24 hours, reaching a high of $39.93. This significant price increase was driven by a challenge issued by Arthur Hayes, the co-founder of BitMEX, to trader James Wynn. Wynn, known as a “memecoin maxi,” made a substantial profit of $25 million from a Hyperliquid BTC perpetuals trade, which involved a $1.1 billion BTC perps position using 40x leverage. Hayes publicly acknowledged Wynn’s success, inviting him to celebrate in Ibiza, a nod to the crypto community’s tradition of celebrating big wins.

Adding to the momentum, five large crypto whales collectively purchased 794,104 HYPE tokens, valued at approximately $27.8 million, over the past two days. These significant buys were concentrated around the $34.80–$35.45 price range, indicating strong institutional or big-money confidence in HYPE’s upward trajectory. Such large purchases often signal growing optimism and support for the token’s price movement.

Technical analysis of HYPE shows that the Relative Strength Index (RSI) is currently at 85.72, indicating an overbought condition. While a high RSI traditionally suggests a potential pullback, assets in a parabolic phase often continue to rise despite this indicator. The Moving Average Convergence Divergence (MACD) line, at 4.28, has crossed significantly above the signal line at 3.16, indicating strong buying pressure and a bullish outlook.

HYPE has surpassed the 1.618 Fibonacci extension level at $33.18 and is now approaching the 2.618 level at $43.17. If the bullish momentum continues, HYPE could reach the $43–$44 range, with the potential for an overextended rally to $47–$50. However, key support levels at the 0.786 level ($24.86) and 0.618 level ($23.18) could act as barriers in case of a pullback. A fall below $27 (Fib 1.0) could accelerate profit-taking.

In summary, Hyperliquid’s HYPE token has experienced a significant price surge, breaking through key Fibonacci levels and drawing attention to the $43 target. While the RSI indicates an overbought condition, the MACD remains bullish, suggesting that the upward momentum may continue. Traders and investors should exercise caution and consider taking profits or adjusting their positions, as the token’s price movements are subject to market volatility and other external factors. The recent surge in HYPE’s price, coupled with significant whale purchases and bullish technical indicators, has fueled optimism among investors, who are now looking for the next significant price target.