- Hyperliquid (HYPE) price rally follows a whale’s $8.66 million purchase, lifting the token near $40 and sparking increased futures activity.
- Rising funding rates and bullish technical signals suggest HYPE could soon challenge its all-time high.
Hyperliquid’s native token HYPE is turning heads again. A massive $8.66 million buy from a savvy whale has triggered renewed optimism, lifting the token to just shy of $40. The investor snapped up 215,850 HYPE tokens in a single transaction, pushing the price up by 6.58% within 24 hours. This move comes from a whale who previously pocketed $8.44 million in profits trading HYPE — and the market is taking notice.
Following the whale’s activity, derivatives traders rushed to open long positions. According to CoinGlass, the funding rate jumped to 0.0084%, indicating strong buying pressure. Open interest also climbed 4% to $1.84 billion, a sign that the market is preparing for more upside.
Hyperliquid Futures Market Signals Growing Demand
Trading volume surged to $1.56 billion — the highest since June 26 — signaling a sharp increase in trader activity. With Hyperliquid now handling over 75% of decentralized perpetuals trading, the platform is cementing its dominance.
In the bigger picture, HYPE has been trading within an ascending triangle pattern, a technical setup often associated with bullish breakouts. The token is currently priced between $38 and $39, about 12% below its all-time high of $45.80. If it breaches the upper boundary of this triangle, analysts believe a jump to $56 could follow — a potential 41% rally from current levels.
What’s Next for HYPE Price?
While the bullish signals are stacking up, traders should watch the resistance zone closely. A failure to break through could keep HYPE range-bound in the short term. However, with the RSI at a modest 56.97, there appears to be room for further upside before overbought conditions set in.
Adding to investor confidence are Hyperliquid’s continued ecosystem upgrades, including CoreWriter and the HIP-3 proposal — initiatives aimed at permissionless perpetual markets.
The whale’s high-stakes bet may have been the spark that reignites HYPE’s upward trajectory. With volume climbing, technical patterns aligning, and market sentiment turning positive, the token could soon make a serious push to reclaim its peak — and maybe even go beyond.
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