- A whale sold 1.95 million HYPE worth roughly $110.46 million across two transactions.
- Positive exchange netflows could increase selling pressure as HYPE trades near $57.
- Improving momentum could push HYPE toward $60 if buyers defend the $53 support.
Hyperliquid’s HYPE has recovered strongly after buyers defended the $53 support level. The token climbed toward $57 during the latest rebound. HYPE traded around $56.89 at press time, down 0.32% daily. However, whale selling now threatens the recovery. One large holder has sold 1.95 million HYPE across two transactions. Those sales carried a combined value above $110 million. The selling could test buyer confidence as HYPE approaches another major resistance area.
Whale Selling Adds Pressure Near $57
Lookonchain reported that one whale recently reduced a large HYPE position. The wallet initially held about 2.93 million HYPE. That position carried a value near $163.37 million at the time. After two weeks of inactivity, the whale sold another 923,743 HYPE. The transaction generated roughly $53.02 million from the sale. The same wallet sold another 1.03 million HYPE two weeks earlier.
Together, both sales involved 1.95 million HYPE worth around $110.46 million. The whale still held 969,595 HYPE worth about $55.5 million. The transactions could represent profit-taking after HYPE’s recent recovery. However, the wallet’s next move remains uncertain. Another large sale could place additional pressure on the token. Such activity could also weaken sentiment among short-term traders.
Exchange data provides another warning for HYPE bulls. CoinGlass data showed positive Spot Netflow throughout the past week. The figure reached roughly $7.19 million at press time. Positive netflow means more HYPE entered exchanges than left them. Traders often transfer tokens to exchanges before selling. Therefore, rising exchange balances can increase available market supply.
Can HYPE Push Above $60?
Despite those risks, HYPE’s technical structure has improved. The Positive Directional Indicator stood near 21 at press time. Meanwhile, the Negative Directional Indicator remained around 15. The higher +DI showed that buyers maintained the stronger directional advantage. The +DI also stayed above the Average Directional Index. That combination points toward improving bullish momentum.
HYPE could therefore challenge $60 if buyers maintain control. A sustained move above $57 could improve confidence in the recovery. Breaking $60 would provide another important signal for the broader trend. Strong buying volume would make such a breakout more convincing. However, whale selling could quickly change the short-term picture. Fresh distribution may push HYPE back toward the $53 support zone.
Losing that level could weaken the current bullish structure. Buyers would then need to defend lower levels before attempting another recovery. For now, HYPE faces a clear battle between improving momentum and heavy whale distribution. The token has shown strength, but sellers remain a major obstacle. A sustained move above $60 could shift attention toward higher targets.
