- James Wynn realized $1.05M in profits by selling his $HYPE holdings at $32.7 after buying them earlier in May for $24.4.
- Hyperliquid surged to $244B in May trading volume, placing it among the top five crypto derivatives platforms by market share.
- HYPE’s price structure signals a bullish recovery with strong demand near 31.061 and potential upside toward the 37.679 resistance level.
James Wynn has shaken the $HYPE market after unstaking and selling 126,116 tokens worth $4.12 million. According to Lookonchain, Wynn acquired these tokens on May 9 and May 12 at an average entry of $24.4. He exited at $32.7, netting a clean $1.05 million in profit. Consequently, his well-timed exit has sparked speculation about a potential capital rotation. Many wonder if Wynn will continue placing large bets across crypto markets.
Besides this whale activity, on-chain sentiment remains sharply divided. Scient, a well-known trader, claimed to have perfectly timed both the top and bottom. He shared his entire $HYPE strategy in real-time on X, further fueling retail interest. Technically, the 4-hour HYPE/USDT ON Bybit shows a notable shift. Initially, the price formed a rounded top near 41.500, triggering a bearish reversal.
Key Technical Structure Hints at Short-Term Upside
After peaking, HYPE began forming consistent lower highs and lower lows. This established a clear downtrend. However, it found strong demand around 31.061, a previously defined accumulation zone. From there, the price consolidated in a tight range between 31.000 and 33.000. Eventually, it reclaimed the 32.000 level, confirming short-term bullish momentum.
Source: Scient
Additionally, bullish candlesticks signaled higher lows. Price action climbed toward 33.591, with a projected path now targeting 37.679 resistance. The stair-step trajectory suggests continued bullish momentum, supported by intermittent pullbacks around the 35.000 level. The previous resistance near 32.000 now acts as solid support, along with a lower safety net around 31.061. However, a drop below 29.957 would invalidate the bullish setup.
Hyperliquid’s Breakout in the Derivatives Race
Moreover, the rise of Hyperliquid, HYPE’s native exchange, adds weight to this rally. In May, the decentralized derivatives platform logged $244 billion in trading volume. That figure represents about 10% of Binance’s $2.3 trillion. Hence, Hyperliquid has jumped into the top five exchanges by volume and open interest, sitting just behind Binance, Bitget, Bybit, and OKX.
The protocol launched HYPE just months ago and held a mere 2% market share. Now, it’s a key player. With fast execution, low latency, and rising user interest, Hyperliquid continues to attract both volume and attention.
