A cryptocurrency investor has deposited 3.92 million USDC to Hyperliquid to purchase additional HYPE tokens and establish a long position over the past 17 hours according to data from . This whale currently maintains a substantial portfolio of HYPE assets, including 241,876 HYPE tokens ($3.53 million) in spot holdings, though these holdings currently show an unrealized loss of $1.47 million, representing a 29.4% decline from purchase price.
The investor has also opened a leveraged position of 320,333 HYPE tokens at an entry price of $14.46 with 3x leverage, demonstrating strong confidence in a potential upward price movement. Additionally, the whale has placed two pending buy orders for 5,080 HYPE tokens at price points between $14.05 and $14.15, further indicating bullish sentiment.
A whale deposited 3.92M $USDC to #Hyperliquid to buy more $HYPE and open a long position in the past 17 hours!
Currently, the whale holds:
• 241,876 $HYPE ($3.53M) on Spot, with an unrealized loss of $1.47M (-29.4%);
• 320,333 $HYPE long at $14.46 (3x leverage);
• 5,080… pic.twitter.com/P5hMsSxMMv
— Spot On Chain (@spotonchain) March 10, 2025HYPE Technical Analysis Points to Potential Reversal
According to analyst Osemka, Hyperliquid has reached a critical target that could be classified as a safe buying area. The price chart reveals a clear ABC corrective wave pattern, with Wave C potentially concluding at a key support zone. The current price action within a descending channel suggests the asset has reached a critical area where a reversal might occur.
The price has established itself in a marked support zone that aligns with previous demand areas. If HYPE maintains its position above this level, it could present a favorable buying opportunity for investors. The Relative Strength Index (RSI) shows a downward trend but is approaching a diagonal resistance line, and a breakout above this RSI diagonal could signal emerging bullish momentum.
Read Also: Hyperliquid (HYPE) Gearing Up for Surge as Price Hits Strong Support – Key Target Revealed!
Looking ahead, the next significant resistance level is situated around 21.26, which would be the likely target for any upward movement from the current position.
HYPE Market Sentiment Mixed Amid Unstaking Activity
Analyst tp_trades_ notes that significant unstaking spikes continue to affect HYPE, suggesting investors may need to wait for this activity to diminish before the token can establish a solid bottom. Tomorrow is expected to be a particularly active day for unstaking events.
Interestingly, before the Token Generation Event (TGE), a price of $15 was considered a bullish scenario by many speculators, with some viewing it as a potential cycle top for HYPE. Despite this, the analyst observes considerable negative sentiment toward HYPE from investors who missed the opportunity while focusing on other cryptocurrencies that ultimately lost significant value.
The analyst also highlights that patience is warranted when dealing with the Hyperliquid team, which reportedly uses fee revenue to actively purchase millions of dollars worth of their own token daily.
What This Means for Investors
With a major whale showing strong confidence in HYPE through significant purchases and leveraged positions, coupled with technical analysis indicating a potential reversal zone, investors may be witnessing early signs of a possible price rally for Hyperliquid.
However, ongoing unstaking activity suggests caution is still necessary, and confirmation signals such as an RSI breakout and increased trading volume should be monitored before making investment decisions. The coming days will be crucial in determining whether HYPE can establish a solid foundation for a sustained price recovery.
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