Hyperliquid (HYPE) Hits All-Time High, Cracks $40 Amid Whale Buying Spree

Key Takeaways

• HYPE’s price surged 15% in 24 hours, breaking the $40 barrier to reach a new all-time high of $41.50.
• Buying pressure from whales, including stakeholders who had already realized profits, drove the surge.
• Hyperliquid’s price is in an ascending triangle and could approach $50 if the 32.61 support holds.

Hyperliquid (HYPE) has shattered yet another record, soaring to a new all-time high. In a stunning 24-hour rally, the Hyperliquid crypto price rose by 15%.

HYPE smashed through the crucial $40 barrier during this rise, peaking at an unprecedented $41.50. This breakthrough marks a dramatic turn of events, coming days after a brief setback late last week when the altcoin faced resistance.

In this analysis, CCN reveals why the altcoin has surged this high and what lies ahead.

Hyperliquid Whales Keep Buying

CCN’s findings show that the Hyperliquid crypto price broke $40 due to notable buying pressure from whales. For instance, on Monday, June 9, data from Spot On Chain showed that one whale spent $2.5 million to buy 70,617 HYPE when the price was around $35.40.

On the same day, another large holder uses $1 million to purchase 28,500 HYPE.  Today has not been exactly different either.

Some hours before this writing, the on-chain tracking platform uncovered a stunning move — a whale, already sitting on $10 million in profits, poured nearly $9.976 million into HYP, scooping up 259,367 coins at an average price of $38.46.

These massive purchases and limited profit-taking sparked a powerful surge as HYPE’s price smashed through the $40 barrier.

From a technical point of view, we observed that the Chaikin Money Flow (CMF) reading has continued to surge. At 0.38, the rise in the CMF reading validated the buying pressure and suggests that HYPE’s price might continue climbing.

In terms of momentum, the Awesome Oscillator (AO) on the 4-hour chart continues to flash green histogram bars, which indicates bullish momentum.

If sustained, the Hyperliquid price might hit another all-time high in the short term.

TVL Follows

Looking at the on-chain perspective, we examined Hyperliquid’s Total Value Locked. At press time, the TVL has also risen to a new high of $1.69 billion, according to data from DeFiLlama.

TVL represents the total value of assets users have staked or locked into a DeFi protocol’s smart contracts. For Hyperliquid, the jump to $1.69 billion in TVL indicates that more users are entrusting their assets to the platform.

As more assets are locked into Hyperliquid, the demand for the HYPE cryptocurrency is likely to rise. If sustained, the cryptocurrency’s price might be closer to $50.

HYPE Price Analysis: Not Overheated

HYPE’s price is trading in an ascending triangle on the daily chart. As seen below, the altcoin has hit higher lows with a flat support at the upper level near $40.

In addition to that, the Exponential Moving Average (EMA) has once again formed a bullish crossover. This crossover happened as the 12 EMA (blue) surged past the 26 EMA (orange).

The moving Average Convergence Divergence (MACD) supports this move. As of this writing, the MACD reading has turned positive, indicating bullish momentum.

Should this trend remain the same, HYPE’s price might climb in the $50 direction as long as the $32.61 support holds.

However, if selling pressure increases and whales book profits, this prediction might not pass.

In that scenario, the Hyperliquid crypto price might slide to $26.89.