Hyperliquid whale bags $2.8mln profit – Can HYPE still reclaim $45?

After a sharp drop, Hyperliquid successfully defended the $40 level and rebounded to $ 42.80. With HYPE now hovering around $42, some whales have decided to cash out, most likely to lock in gains. 

According to Onchain Lens, a whale sold 213,419 HYPE for $8.93 million at $41.84 per HYPE. After the sale, the whale realized $2.8 million in profit.

This whale has been on a buying spree, over the past 2 months scooping up 467,188 HYPE for $16.63 million. Having bought at an average price of $35.59, the entire holdings sit in profit.

After the sale, the whale still holds 253,769 HYPE worth $10.5 million.

The whale’s decision to cash out after HYPE retraced from $47 shows fear of holding the positions for extended periods. 

Hyperliquid market demand remains steady

Despite the above whale profit taking, demand for HYPE has remained steady, indicating continued accumulation. 

For starters, investors have continued to deploy capital into Hyperliquid. According to Defillama data, Hyperliquid saw $17 million in Daily Inflows. 

Although a significant drop from $51 million recorded three days ago,  it shows that investors still remain optimistic. 

Furthermore, exchange activity also further echoes this demand. Spot Side activity suggests that buyers are aggressively accumulating the dip. 

CoinGlass data showed that $63.7 million flowed out of exchanges compared to $61.1 million the past 24 hours. As a result, the altcoin’s Spot Netflow dropped to -$2.59 million, extending the nearly two-week trend. 

Often, higher capital inflows help absorb rising sell-side pressure, helping stabilize the market and serving as a prelude to higher prices. 

Is the demand enough to absorb pressure?

After HYPE dropped to a low of $40, buyers jumped in, bought the dip, and defended the key support level. In doing so, the upside momentum began to show some strength.

In fact, the Relative Strength Index (RSI) signaled a reversal, rising from 50 to 52. RSI avoiding further slip suggested that buyers repelled sellers and extensively absorbed market pressure.

At the same time, the SMI Erogdic Indicator (SMII) also held above its signals, further confirming recovering bullish pressure. These momentum indicators suggested buyers have returned with strength, and managed to weaken sellside pressure.

Therefore, if capital inflows hold, HYPE is likely to recover from this slip and target $45.

However, if the whales’ profit realization trend continues and demand from other market players remains, Hyperliquid will see sideways movement. Sideways movement will see HYPE trade between $41 and $44.

Final Summary

• Hyperliquid whale offloaded 213,419 HYPE for $8.93 million, taking $2.8 million in profit. 
• HYPE successfully held the $40 support level and jumped to $42 as demand signaled recovery.