ambcrypto.com 
Hyperliquid [$HYPE] remained one of the few major cryptocurrencies posting double-digit weekly gains despite broader market uncertainty.
At press time, $HYPE traded at $48.53 after gaining 0.95% over the past 24 hours.
However, Trading Volume dropped 21.21% to $566 million, suggesting traders remained cautious near key resistance.
Why are whales split on $HYPE?
On-chain data showed whales maintained mixed positioning around Hyperliquid. According to Lookonchain, a wallet linked to a16z purchased 206,325 $HYPE tokens worth over $9.95 million and staked them.
The same whale reportedly accumulated 2.34 million $HYPE tokens worth more than $102 million since the 14th of April.
By contrast, another whale wallet identified as “0xde42” sold 50,000 $HYPE tokens worth $2.41 million.
The whale also opened a 10x leveraged short position involving 223,404 $HYPE tokens worth around $10.55 million.
That divergence suggested some large holders still expected upside, while others positioned for a short-term correction.
Source: CoinGlass
Meanwhile, CoinGlass data showed exchanges recorded $4.14 million in Exchange Outflows over the past 24 hours.
That shift aligned with potential long-term accumulation, as traders typically move assets off exchanges for holding purposes.
Are Hyperliquid’s fundamentals still strong?
Source: DeFiLlama
DeFiLlama data also supported Hyperliquid’s broader bullish structure.
Since the beginning of May 2026, Hyperliquid’s Total Value Locked [TVL] increased from $4.279 billion to $5.16 billion.
Over the same period, DEX Volume climbed from $108.15 million to $146.15 million. The rise in TVL and DEX Volume suggested improving liquidity, stronger ecosystem activity, and growing user participation.
That growth helped reinforce investor confidence despite rising caution near resistance.
Can $HYPE break above $50?
According to TradingView, $HYPE maintained a Higher High and Higher Low structure since the 21st of January. During that stretch, the altcoin rallied more than 136%.
However, at press time, Hyperliquid [$HYPE] traded near a major resistance zone around $50, a level previously associated with reversals.
Source: TradingView
That setup raised short-term correction risks for bulls.
At the same time, Average Directional Index stood at 19.06, signaling weak directional strength despite the ongoing uptrend.
If $HYPE fails to close a daily candle above $50, the altcoin could revisit lower support levels to form another Higher Low. Conversely, a confirmed breakout above $50 could strengthen bullish momentum and open room for further upside.
Final Summary
- Hyperliquid [$HYPE] traded near $50 after gaining 136% since January 2026 through a Higher High structure.
- Hyperliquid’s Total Value Locked [TVL] rose from $4.279 billion to $5.16 billion during May 2026.
