- Crypto whales invested $12.50 million in USDC to purchase Hypeliquid tokens.
- Traders were over-leveraged at $19.68 on the long side and at $21.50 on the short side.
During this ongoing market uncertainty, most cryptocurrencies have dipped significantly and appear to be at discounted levels.
Amid this, whales have identified Hyperliquid [HYPE] as an ideal investment opportunity, investing millions of dollars.
Whales buy $12.50 worth of HYPE tokens
Recently, the blockchain-based transaction tracker Lookonchain made a post on X (formerly Twitter). They revealed that crypto whales have invested $12.50 million in USDC to purchase Hypeliquid tokens over the past 48 hours.
Besides this rising whale interest and confidence, intraday traders seem to be following suit, as reported by the on-chain analytics firm Coinglass.
At press time, intraday traders betting on long positions were dominating, strongly favoring the bullish side.
Data further revealed that $19.68 is a level where traders betting on the long side are over-leveraged. At the time of writing, there were $3.09 million worth of long positions being held.
Meanwhile, $21.50 is a level where traders betting on the short side are over-leveraged, with $1.25 million worth of short positions.
Source: Coinglass
When combining these on-chain metrics with the whales’ recent accumulation, it appears that the bulls are back and strongly supporting the asset’s recovery.
Additionally, this substantial HYPE accumulation by whales and bullish sentiment among traders have positively impacted HYPE prices.
At press time, HYPE was trading near $21 and has surged over 13% in the past 24 hours.
This price increase is likely driven by consistent whale purchases and bullish price action.
Hyperliquid’s price action and upcoming level
According to AMBCrypto’s technical analysis, following a recent 26% price drop, HYPE has reached a crucial support level at $19.80, a level with a history of strong price reversals.
Source: TradingView
HYPE’s daily chart shows that whenever the asset’s price reaches this support level, it tends to experience significant buying pressure and upside momentum. This may explain the recent whale purchases.
Based on historical price momentum, if HYPE holds above the crucial support level, there is a strong possibility it could surge by 20% to reach the $25.50 mark soon.
At press time, HYPE’s technical indicator, the Average Directional Index (ADX), stands at 15, indicating weak momentum strength.
