HYPE holds $80 with 40% weekly gains as whale activity intensifies – What’s next?

Even after retracing to $76, Hyperliquid [$HYPE] has shown strong upward momentum and has held within an ascending channel. In fact, the altcoin held $78, flipped $80, and jumped to $83 before a slight pullback.

As of this writing, Hyperliquid traded at around $81.60, up 1.12%, adding to its 40% weekly gains. As the uptrend holds steady, Hyperliquid’s whale activity is intensifying on both the demand and sell sides.

Hyperliquid whales purchase 107k $HYPE worth $8.7 million

Throughout August, $HYPE’s whale activity has remained elevated on the Spot market. The spot average order size data from CryptoQuant has shown big whale orders with $82 as a higher whale resistance level.

When the Spot market records high whale orders, it suggests whales have been aggressively active either buying or selling.

Lookonchain reported one such accumulating whale. According to the on-chain monitor, after two months of inactivity, a whale has resumed accumulating $HYPE.

The whale withdrew 79,800 $HYPE worth $6.5 million from exchanges. In total, the wallet holds 1.36 million $HYPE worth $95.6 million at an average price of $70.

Additionally, Onchain Lens also reported another whale accumulation. As such, a wallet withdrew 27.29k $HYPE worth $2.23 million from OKX, raising total holdings to 74.81k, worth $5.33 million.

In total, these two whales withdrew 107,090 $HYPE worth $8.7 million. When whales accumulate during a strong uptrend, it signals strong confidence with the market, anticipating more gains on the price charts.

Sellers are even more aggressive

On the sell side, Hyperliquid whales are also very active. According to Lookonchain, a whale sold all 301,937 $HYPE worth $24.4 million, making over $5.3 million in profit.

The selling activity amid this strong uptrend suggests the whale is actively taking profit.

Exchange activity also echoes this selling activity. Over the past 24 hours, Hyperliquid Spot Netflow rose to $6.7 million. A positive Netflow suggests that the Spot market is experiencing more selling than buying.

What’s next for $HYPE?

Although whales are actively selling, their selling pressure is being actively absorbed by those buying. As a result, the altcoin’s bullish momentum remains intact, with bears still enjoying market control.

In fact, Hyperliquid’s DMI ADX Smoothing indicator confirms this view. The positive index sits above D-, while ADX sits above it.

The set up here suggested that the uptrend is strong and the trend is likely to continue. The Relative Strength Index (RSI) further validates this observation as it holds nearly overbought zone.

Under these circumstances, Hyperliquid is likely to reclaim $83, breach it, and make another $ATH. For the trend to collapse, $HYPE needs to close below $70, which now looks unlikely unless the broader market flips.

Final Summary

• Two Hyperliquid whales withdrew 107,090 $HYPE worth $8.7 million, while another sold 301,937 $HYPE worth $24.4 million, making over $5.3 million profit.
• $HYPE’s market structure remains bullish, with bulls eyeing another $ATH.