Hyperliquid’s HYPE Token 12% Below All-Time High as Institutional Buying and On-Chain Metrics Signal Rally Continuation

Hyperliquid’s HYPE token has attracted significant attention as on-chain data and market indicators suggest a potential continuation of its recent rally. The asset remains 12% below its all-time high of $49, with recent activity pointing to coordinated buying pressure and a shift toward institutional participation. According to AMBCrypto, large order sizes and concentrated futures trading volume on Hyperliquid indicate rising demand from sophisticated market participants, signaling a more capital-driven rally rather than retail-driven hype [1]. This trend is supported by technical indicators showing consolidation patterns rather than bearish reversals, with key moving averages trending upward and the RSI stabilizing at 54.

Whale activity has intensified, as evidenced by the sharp increase in Hyperliquid’s Spot Average Order Size since late April. Data from CryptoQuant reveals that large buyers have been increasingly active, contrasting with earlier months when smaller investors dominated during price slumps [1]. This shift suggests a growing institutional footprint, as larger orders often coincide with sustained price action. Futures volume clusters between $35 and $45 further reinforce this narrative, with overbought levels in that range reflecting concentrated leveraged positions. Notably, volume below $30 has nearly disappeared, implying a higher price floor and reducing the likelihood of a prolonged correction [1].

Technical analysis highlights a critical threshold at $45. HYPE’s daily chart shows support from the 50 EMA at $40.68 and the 100 EMA at $35.61, both of which are trending upward. While the MACD remains bearish, the histogram is flattening, hinting at a potential bullish crossover. Analysts caution that a decisive retest above $45 could trigger a breakout, challenging the current all-time high [1]. Lambda Fin’s analysis corroborates these dynamics, emphasizing that clustered futures activity and order-book strength suggest coordinated buying rather than fragmented retail-driven moves [2].

The broader context for Hyperliquid’s rally includes a resurgence in perpetual futures trading on the platform, driven by its deep liquidity and high-leverage offerings. Futures volume has spiked, reflecting heightened speculative interest amid a broader crypto market recovery. However, analysts note that volatility remains a key risk, even as on-chain metrics such as low liquidations and rising open interest indicate structural demand [1]. The absence of reversal signals in key indicators suggests the market is in a consolidation phase, with buyers testing resistance levels ahead of a potential breakout.

Critically, the analysis avoids speculative forecasts and sticks to observable data. For instance, while whale activity and futures volume are cited as bullish signs, no specific price targets or timeframes are assigned [1]. Similarly, Lambda Fin’s focus on order-book structure and clustered activity is descriptive rather than predictive, leaving room for evolving market conditions [2]. This approach aligns with the platform’s infrastructure maturing as a primary venue for leveraged trading, attracting a user base increasingly inclined to treat it as a core market destination.

As the crypto market navigates a post-cash-out phase, Hyperliquid’s performance could serve as a barometer for broader risk appetite. However, investors are advised to monitor macroeconomic signals and regulatory developments, which may introduce headwinds for leveraged assets. The interplay of on-chain metrics, institutional participation, and technical consolidation suggests a scenario where HYPE could extend its rally—provided key support levels hold and buying pressure remains intact.

Source:

[1] [Hyperliquid's rally is no joke: THIS points to another bullish leg](https://ambcrypto.com/hyperliquids-rally-is-no-joke-this-points-to-another-bullish-leg/)

[2] [Master Modern Financial Strategies with Lambda's Expertise](https://www.lambdafin.com/)