What to know:
- The HYPE price is showing bullish momentum as traders watch for a breakout above the key $65 resistance level.
- A newly created wallet withdrew 197,360 HYPE worth $10.69 million from Coinbase, fueling speculation of whale accumulation.
- A decisive HYPE breakout above $65 could strengthen the trend and open the door toward the $100 price target.
Hyperliquid (HYPE) is gaining bullish momentum as traders anticipate a breakout above key resistance. Strong ecosystem fundamentals and a large whale withdrawal from Coinbase are adding to optimism. Market participants are now watching for sustained buying pressure and confirmation of a broader upward trend.
At the time of writing, HYPE is trading at $54.92 with a 24-hour trading volume of $196.43 million and a market capitalization of $13.88 billion. Despite the signs of stability over the last 24 hours, the price structure and whale activity point to a bullish reversal ahead.
Source: CoinMarketCap
Also Read: Hyperliquid Price Holds $55 Despite Pullback as Q2 Growth Strengthens Outlook
HYPE Price Eyes New Highs Above $65 Resistance
According to the crypto analyst Zoe, HYPE is gaining bullish attention as traders identify its current region as a potential accumulation zone. The token previously rallied sharply after defending a similar support area, eventually reaching an all-time high.
This historical reaction has encouraged investors to watch for another breakout as buyers attempt to establish stronger momentum around key technical levels.
Source: Zoe’s X Post
The level of $65 is important to keep an eye on. A solid breakout above this level will reinforce the bull setup for the token.
On top of the technical factors, the network has very good earnings from the platform, its trading volume, and consistent token buybacks. If it continues this way, the price of $100 is not far off.
HYPE Whale Moves $10.69M From Coinbase
The data from Onchain Lens further highlighted that a newly established wallet has pulled out 197,360 tokens, equivalent to about $10.69 million, from Coinbase, based on data on-chain.
This happened an hour ago and signifies a large transfer of the coins from the centralized platform. This has caught the eye of traders as they consider if the transfer is a whale accumulation play.
Source: Onchain Lens’ X Post
With large withdrawals on exchanges, there is an immediate decrease in liquidity because of the transfer to cold storage.
However, a single transaction does not necessarily indicate bullish intentions since the wallet can also sell the tokens to other parties or use them in DeFi. It will be up to market players to see how future actions of the wallet unfold.
Despite the bullish price predictions and whale activity, the price is still moving in a neutral direction. However, the general trend in the crypto market is improving, and token could witness a breakout if conditions remain the same.
What Happens Next?
The traders will be looking out for a clear breakout above the $65 price level with increasing volumes, and whales accumulating more HYPE possibly adding to the positive expectations.
A breakout above the price level of resistance could set the token on its way up to $100. On the other hand, a rejection around $65 could lead to a retracement.
Also Read: HYPE Price Eyes $100 Rally as Hyperliquid’s Deflationary Burn Strengthens
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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