• HYPE faces choppy trading near $35 due to conflicting whale activity.
• Accumulation trends show gradual buying and growing long-term investor confidence.
• Key support zones at $33.48–$35.19 will determine HYPE’s next price move.

Hyperliquid — HYPE, recently enjoyed a strong run, but price action has turned choppy near $35. Whales are moving large amounts of the token, creating uncertainty for traders. Some transactions suggest long-term holding, while others add selling pressure. This back-and-forth has left investors questioning whether $35 can hold as a support level. Traders are closely watching accumulation trends and technical zones to anticipate HYPE’s next move.

📉 Hyperliquid has fallen -13.2% since @cryptohayes declared it was time for the $HYPE pump.

🧐 Whether you follow KOL's to trade with their predictions, or you want to counter their calls, get data on who REALLY gets it right vs. wrong here on Sanitizer: https://t.co/LzcXX6qvSn https://t.co/9aMeAY8BB9

— Santiment (@santimentfeed) April 2, 2026

Whale Flows Shape Short-Term Volatility

On-chain data highlights the scale of recent whale activity. Around 488,599 HYPE, worth roughly $17.18 million, moved from FalconX to a newly created wallet. Transfers of this kind usually signal long-term holding and reduce immediate sell-side liquidity, a bullish sign. However, the move came shortly after a sell-off of about 450,000 HYPE valued at $15.52 million. The near-equal inflows and outflows underline indecision among large holders.

Traders often mirror these moves, amplifying short-term volatility. Rapid shifts in liquidity create spikes in buying and selling pressure, making price swings more pronounced. This dynamic explains why HYPE has struggled to maintain a clear upward path despite recent gains. Despite the choppiness, underlying accumulation trends remain visible. Spot Exchange Netflow data shows $11.7 million worth of HYPE exited centralized exchanges over the past three days. Removing tokens from exchanges generally signals that investors prefer holding over selling.

The Accumulation/Distribution indicator confirms this, showing a steady, gradual rise in buying pressure. Total traded volume reached about 5 million HYPE, reflecting confidence slowly returning as traders absorb recent volatility. This pattern suggests cautious optimism among long-term holders. Accumulation may provide a foundation for renewed upward momentum if whale activity stabilizes.

Key Support Zones Will Determine Next Move

Technically, HYPE now trades within a critical support range of $33.48 to $35.19. Price has already bounced modestly from this zone, offering a potential base for buyers to step in. Holding this level could pave the way for a renewed push toward higher levels. If support fails, lower demand zones appear at $29.77–$31.10, followed by $26.10–$28.10, and finally $21.63–$23.43. Sustained accumulation will be crucial to maintaining $35 as a floor.

Persistent whale-driven volatility could still trigger larger pullbacks, testing trader confidence. Investors watching HYPE should consider both technical levels and on-chain activity. The next few sessions may define whether buyers can hold $35 or allow the token to slide. Steady accumulation combined with manageable whale activity could provide the clarity traders need to resume upward momentum.

HYPE faces choppy price action around $35 due to conflicting whale moves. Accumulation trends suggest cautious optimism with moderate buying pressure returning. Key support zones will determine whether the token rebounds or slides lower. Traders should monitor whale flows and technical levels to anticipate HYPE’s next move.