Whale accumulation drives Hyperliquid – Is a HYPE ATH ahead?

Key Takeaways

Hyperliquid hit $50.97 after whale buys over $15 million, Open Interest reached $2.18 billion and staking rose 3.3%. Momentum indicators flashed bullish, teasing a possible breakout ahead.

Since hitting a local bottom of $43 on the 1st of September, Hyperliquid [HYPE] traded within an ascending channel. At press time, HYPE exchanged hands at $50.97, up 7.72% in 24 hours, per CoinMarketCap.

Over the same period, its volume jumped 83% to $210.53 million, signaling renewed on-chain activity. That surge coincided with fresh whale accumulation.

HYPE whales defend $47 support

After HYPE dropped to $47 support, whales jumped into the market to defend it. According to on-chain monitors, three whales accumulated over $15 million worth of the token.

Source: Onchain Lens/X

Onchain Lens reported a whale depositing $3.33 million in USDC, opening a long with 10x leverage, and holding 144,295 HYPE worth $6.84 million in staking.

Another whale deposited $2 million, buying 42,161 HYPE at $47.44 and sending 146,018 tokens worth $6.93 million to staking.

Moreover, Lookonchain added that “qianbaidu.eth” purchased 276,834 HYPE that were worth $13 million over the past week, including $6.06 million on the 8th of September.