A major whale recently exited their HYPE position at $43.73, securing a $13.6 million profit before rotating the funds into Ethereum following recent market strength. The token is currently testing support within its ascending channel, holding the critical $43 level despite increased trading volume and sustained buyer interest.
HYPE has maintained a steady upward trajectory since April, trading within a well-defined rising channel that demonstrates consistent higher highs and higher lows. The recent pullback to the lower trendline resulted in a bounce, indicating that buyers remain active in this key support zone and helping preserve the overall bullish trend structure.
Technical Levels Signal Critical Juncture
As of press time, HYPE was trading at $44, representing a 2% gain over the past 24 hours and a 4% increase for the week. Trading volume reached $419 million in the last day, reflecting heightened market activity around these crucial price levels.
The token is currently testing short-term support at $43, which aligns with the 9-day moving average. A break below this level could trigger a move toward the next support at $42, with additional downside targets at $36 and $32.5 if selling pressure intensifies.
On the upside, immediate resistance begins at $44.31, followed by the 21-day moving average around $45. Further resistance levels are positioned at $46.28 and $50, where the price recently encountered significant selling pressure that halted the previous rally attempt.
Mixed Signals From Technical Indicators
The 9-day moving average currently sits below the 21-day moving average, suggesting potential short-term momentum weakness. However, the asset is attempting to push above the 9-day line, which could signal the beginning of a recovery phase.
The Stochastic RSI readings of 19.83 and 17.51 place both indicators firmly in oversold territory, a condition that traders often monitor for potential reversal signals. While no crossover has occurred yet, market participants are closely watching for signs of a momentum shift.
Recent whale activity has added another layer of complexity to the market dynamics. The large wallet that secured $13.6 million in profits used the proceeds to purchase 3,322 ETH worth approximately $12.84 million at $3,783.17 per token. This rotation from HYPE to Ethereum reflects broader market positioning as institutional players adjust their portfolios.
$HYPE
A lot of charts looks this way, but on a much higher timeframe (3D). This retrace is expected with ETH reacting from a higher TF resistance, we still look good and bullish for now.As for hyperliquid ill be adding to my bags around this level as you can see structure wise,… pic.twitter.com/kdGswCKvwq
— BRIAN 👑📊 (@briancrypt1) July 31, 2025
Meanwhile, Hyperliquid continues to demonstrate strong fundamentals with $648 billion in trading volume processed during Q2. Over the past 12 months, the platform has facilitated $1.57 trillion in total volume and now commands more than 60% of the perpetual DEX market share.
A recent API issue temporarily affected trading operations, though the exchange attributed the problem to increased traffic rather than security concerns. The platform has committed to refunding eligible users who were impacted by the technical difficulties.
Market Sentiment Analysis
The combination of whale profit-taking and technical oversold conditions suggests potential near-term volatility as the market digests recent selling pressure. However, strong platform fundamentals and maintained support levels indicate underlying resilience that could limit downside risk.
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