Hyperliquid (HYPE) Market Update: Recent Transactions and Whale Activity Impacting Price

Hyperliquid (HYPE) has been struggling to break through the $22 resistance level and is now facing growing bearish sentiment. Data from CoinGlass suggests that long liquidations have outweighed shorts, which will only contribute to negative market pressure.

A recent whale transaction has further amplified bearish momentum. The massive short position of 6.51M USDC opened by a single entity could amplify downward pressure on the market. As the market continues to liquidate long positions, HYPE’s price may experience additional corrections in the coming days.

The data paints a bleak picture for the altcoin as its long liquidations far outweighed shorts, indicating a significant imbalance between buying and selling activity. This bears an ominous sign for investors who have long been holding onto their HYPE coins.

In addition to the whale transaction, traders are increasingly cautious, with the OI-Weighted Funding Rate standing at 0.00999% as of this writing. Furthermore, social engagement metrics show a significant drop in retail interest, resulting in reduced momentum and an uncertain market direction for Hyperliquid.

While it is possible that HYPE could find support around $20, it’s unclear if the altcoin can muster enough momentum to break through resistance levels and regain its footing.

Source: https://ambcrypto.com/hyperliquid-whales-retail-exit-can-hype-find-support-below-20/