• HYPE gains attention after whale qianbaidu.eth reappears with a $5.72M Hyperliquid investment, accumulating 81,572 tokens.
• HYPE technicals stay neutral, with RSI at 50.26, MACD slightly bullish, and Bollinger Bands showing $41–$49 range consolidation.
• Holding $44 support could trigger a move toward $49.13 and the $55 target, but a drop risks $41 downside.

HYPE, the native token of Hyperliquid, is trading under sustained bearish pressure, reflecting the broader weakness across the crypto market. The HYPE price over the last 24 hours is down by 8.18%, but over the last week it is up by 5.68%.

At the time of writing, HYPE is trading at $44.50 with a 24-hour trading volume of $327.37 million, down by 6.2% over the last 24 hours. The coin has a market capitalization of $14.86 billion, which is also down by 6.27%.

Source: CoinMarketCap

The general market trend has turned bearish as major crypto coins like Bitcoin, Ethereum, and XRP have started downward momentum. The overall crypto market is badly affected by this downward pressure, including altcoins like HYPE.

Hyperliquid (HYPE) Whale Activity Boost Confidence

According to the crypto analyst, after five months of inactivity, the Ethereum whale known as qianbaidu.eth has returned with a bold move, depositing $5.72 million into decentralized derivatives exchange Hyperliquid. 

Source: X

On-chain data reveals that the investor quickly spent $3.94 million to acquire 81,572.11 HYPE tokens while keeping $1.787 million in USDC on hand for potential future trades. In addition, the whale has placed an open buy order for HYPE at $48.20, a price level that is now drawing attention across the market.

Source: X

The reappearance of qianbaidu.eth is fueling speculation among traders, as large-scale whale activity often signals growing confidence in a project’s trajectory. Hyperliquid has been gaining traction in the perpetuals and derivatives trading sector, and this latest multi-million-dollar allocation suggests strong conviction in the platform’s long-term potential. 

Also Read: HYPE Rally Gains Strength: Can Bulls Push Price Toward $56 Next?

Hyperliquid (HYPE) Price Eyes Breakout Toward $55

Technical indicators provide mixed signals for HYPE. The Relative Strength Index (RSI 14) stands at 50.26, very slightly lower than its signal line at 52.32, and thus suggests neutral momentum. MACD (12,26) remains slightly positive, the MACD line (0.7796) remaining above the signal line (0.7246). Bollinger Bands (20,2) suggest the price consolidating at the midline at $44.97, upper resistance at $49.13, and lower support at $40.80.

Source: TradingView

The price action confirms this indecisiveness, and HYPE is maintaining a position just above current support at $44.00. A bounce towards the higher Bollinger Band at $49.13 is therefore possible if buyers resist at this level, and a further target is set at the $55 level. 

A fall through $44.00 would, however, unleash risk towards the lower band at $41.00, making the next sessions crucial for trend confirmation.

Derivatives Data Signals Cooling Momentum for HYPE

Derivatives markets see fading optimism, with volume down by 22.80% to $2.17B and open interest also down by 8.24% to $1.95B. Lower participation is an indication that bulls are unwinding leveraged positions, weakening the probability of strong price continuation in the short term.

Source: Coinglass

The OI-weighted funding rate is at 0.0087%, and longs still control shorts, but by a restricted amount. Abrupt decline in open interest and relaxation of funding pressure highlights speculative demand is decreasing.

Source: Coinglass

Also Read: Hyperliquid Smashes $51, Breakout Rally Targets $55 Next