Assessing whether Hyperliquid [HYPE] can hold $60 after $2.5M whale profit-taking

After a record-breaking rally, Hyperliquid faced rejection at $64. The token later dropped below $60, hitting $58 before rebounding slightly.

At press time, HYPE traded at $60, up 1.1% daily and 24% weekly. During the pullback, some whales locked in profits.

Why did THIS Hyperliquid whale cash out?

According to Onchain Lens, a whale sold 123,127 HYPE for $7.5 million at $61. After the sale, the whale made a $2.5M profit after holding for 1.5+ months.

The whale’s decision to take profit suggests a lack of confidence in the continued rally. Thus, the whale anticipates prices to drop in the near term. 

On top of that, Exchange Netflows also reflected rising sell-side pressure. According to CoinGlass, Spot Netflow turned positive after three consecutive days of negative readings.

At press time, Netflow was $5.18 million, a clear sign of continued selling pressure. Often, higher exchange inflows have weakened the market, leading to a price drop.

Are other whales still buying HYPE?

Even so, not every whale turned bearish during the cooldown.

According to Lookonchain, another whale bought 40,000 HYPE worth $2.38 million. The wallet aggressively accumulated over the past three days. So far, the whale has accumulated 132,758 HYPE worth $7.96 million.

Meanwhile, another whale created a new wallet and withdrew 501,250 HYPE worth $30.93 million from Coinbase. Combined, the two whales purchased 541,250 HYPE worth $33.31 million.

That activity suggested some high-net-worth investors still viewed current levels as attractive despite recent volatility.

Can HYPE defend the $60 level?

Hyperliquid’s momentum slowed as some traders reduced exposure. However, whale accumulation absorbed part of the selling pressure. That shift helped Hyperliquid [HYPE] reclaim the $60 level, keeping the broader bullish structure intact for now.

In fact, the Upside/Downside Volatility metric showed bullish swings remained stronger than bearish moves.

At press time, Upside Volatility stood at 5.4, while Downside Volatility remained at 2.8. That imbalance suggested buyers still acted more aggressively than sellers. Whale selling also failed to overwhelm the ongoing accumulation.

If buying pressure continues, HYPE could retest $64 and attempt another breakout.

However, stronger profit-taking from whales could drag Hyperliquid below $60 again. In that case, $54 may emerge as the next support.

Final Summary

• Profit-taking hit HYPE hard, but whale accumulation kept one bullish question alive.
• HYPE’s rally cooled near $64, yet large wallets moved in instead of exiting.