The crypto market trend reversals are not new to any investors. Many cryptos are currently experiencing high volatility, and Hyperliquid token (HYPE) is among those. In this chaos, whales are still active and buying the dip, where one crypto whale alone is buying $15 million worth of HYPE tokens, signaling bullish confidence. However, the price continues to decline. Why? Let’s discuss the reasons behind this and whether a HYPE price rally will happen next or not.
Whale Buys $15M Hyperliquid Token– But Hype Price Keeps Falling
A few hours ago, the on-chain analytics platform Lookonchain revealed that a single whale executed a $15M buy order for the HYPE. The whale has already bought 563,238 HYPE, equivalent to $8.93M, and placed multiple limit orders between $12 and $14.63 to buy more with the remaining balance.
This is an interesting scenario, especially considering HYPE price struggles and a 40% decline over the month. Such a bold purchase is a bullish indicator, revealing that the larger institutional buyers are seeing the uptrend potential. However, the crypto whale placing orders for a lower price shows it is seeing a potential decline.
Hype price is currently at $15.48 after a 3% drop in the last 24 hours, confirming the whale’s plunging prediction. Now, the question is whether this decline will continue or gain bullish momentum.
Why Is Hyperliquid Token Price Still Dropping?
In correlation to the broader crypto market turbulence, Hyperliquid token is also struggling. Despite Donald Trump’s Crypto Summit and Bitcoin Reserve announcement, investors’ sentiments are fearful.
As a result, the 24-hour volume of the token has dropped by 39.06% to $333.61M. It is an indication that market participation is decreasing. Additionally, its Open Interest has been down 2% since yesterday, showing cautious behavior by traders.
With the crypto market correction, investors must confirm bullish factors before entering long positions. Interestingly, the long/short ratio on a few crypto exchanges like OKX shows traders are betting on the Hyperliquid price rise.
Is a HYPE Price Rally Still Possible?
With the current bearish trend, there’s a possibility that the downtrend may continue. However, they are also signs of potential rebound where whales ‘ involvement could trigger buying sentiments. Moreover, if the price continues to decline, shorts would get overcrowded, triggering a trend reversal with liquidations.
Crypto analysts also reveal that Hyperliquid is nearing its bottom, with crucial support at $15.47. A bounce from there could begin an uptrend soon, hitting $2o or higher.
More importantly, some believe that the HYPE price rally will reach the $200-$300 mark in the long term.
$HYPE – Looks unreal and is close to a bottom. Can see this going to $200-$300 end of cycle but tbh probs way higher. Back above $21 and it’s full blown send imo.
Is This The Right Time to Buy?
The Hyperliquid whales are jumping on the buying, following the “buy the dip” strategy where traders take off profits on recovery. It is also a bullish signal, and a few other factors also reveal the potential recovery, especially as demand for the token has been high since the Hyperliquid EVM launch.
However, there’s a possibility that the downtrend may continue for a little longer. Investors must look at the broader market conditions and Bitcoin price recovery before jumping into the trade.
The post Crypto Whale Scoops $15M HYPE Amid Crypto Market Dip: Is HYPE Price Rally Next? appeared first on CoinGape.
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