Hyperliquid Surges 6.58% as Whale Purchase Adds $8.66 Million

Hyperliquid [HYPE] has experienced a significant bullish trend over the past 24 hours, with its value increasing by 6.58% and reclaiming the $40 level after a brief pullback. This surge in value is attributed to a large whale purchase of over 200,000 HYPE tokens, worth approximately $8.66 million, which has added fresh liquidity to the system.

Whales, known for holding large amounts of liquidity, can significantly influence the market through their trading activities. The recent purchase by a whale, who previously realized $8.44 million in profits on Hyperliquid, indicates a bullish outlook and anticipation of a significant upside move. This wave of buying has influenced the broader market, with increased interest among futures investors as positions on the asset rise.

Retail futures traders have also begun to place long positions in anticipation of further upside. The Funding Rate on CoinGlass has risen to 0.0084% over the past 24 hours, signaling increased activity and buying pressure outpacing selling in the futures market. Additionally, market liquidity has increased, with more positions being opened in the past 24 hours. Open Interest, which reflects liquidity based on active contracts, has risen by 4%, now standing at $1.84 billion. This uptick in liquidity, combined with a positive Funding Rate, suggests renewed bullish momentum among market participants.

A concurrent surge in trading volume further supports the current rally, reaching $1.56 billion, marking its highest point since June 26. Sustained growth in trading volume alongside price movement indicates a surge in trading activity, with derivatives traders realizing greater profits. Daily chart analysis shows that despite the prevailing bullish sentiment, HYPE sits at a critical juncture. The asset is currently trading within an ascending triangle—a known bullish pattern characterized by a rising support line and horizontal resistance. Price action has approached the resistance level. If buying pressure surpasses selling at this zone, HYPE could reclaim its all-time high of $45.80. Continued upward momentum may drive a further 41% increase toward $56. However, if market sentiment weakens, HYPE could remain confined within the triangle for an extended period.