- Hyperliquid has surged 1,562% since November, surpassing Sui in market cap with strong whale support driving bullish momentum.
- Elliott Wave analysis shows Hyperliquid is in wave (5) with volume and price breaking key resistances, suggesting further upside potential.
- Whale accumulation grew from April to May as HYPE rallied from $12 to $39, reinforcing confidence in the ongoing breakout rally.
Hyperliquid (HYPE) has flipped Sui in market cap, reaching $13.03B against Sui’s $12.03B. Currently trading at $39.48, HYPE has surged 1,562% since November 2024. This massive gain positions it as one of the top-performing altcoins in the market. The 12-hour HYPEUSDT chart outlines a completed Elliott Wave cycle. Notably, the current rally reflects explosive momentum. The chart suggests wave (5) may still be in progress, signaling further upside. Moreover, recent whale accumulation confirms strong investor interest during this breakout.
Elliott Wave Points to Bullish Continuation
From January to June 2025, HYPE’s price action has followed a five-wave Elliott structure. The sequence began at $32 in January, with wave (A) starting the first decline. Wave (B) retraced parts of the move and formed a channel pattern. Then wave (1) dropped prices to $21, breaking key support. Wave (2) corrected back to $26 before wave (3) brought the sharpest decline to $7.79. This 0.786 Fibonacci retracement level marked the cycle’s lowest point.
Source: Crypto-ROD
Wave (4) brought consolidation and a recovery to $18. Hence, this set the base for wave (5), which now appears incomplete. Since March, HYPE has surged from $12 to $39. Volume also expanded during this rally, suggesting increased market participation. Prices broke resistance at $20, $25, and $30 with ease. These levels acted as strong barriers in earlier phases.
Whale Accumulation Mirrors Price Movements
Whale activity closely tracked major price trends. In February, stablecoin whale holdings peaked at 35%, signaling an upcoming distribution. As expected, HYPE corrected from $12 to $6 in March, coinciding with whale sell-offs. However, accumulation resumed in April when prices rebounded past $10. Stablecoin holdings hovered between 20% and 25% during this phase.
Source: Santiment
In May, whales returned aggressively, helping push prices from $12 to $39. Whale holdings now stand at 30%, supporting bullish sentiment. The 50-period moving average served as dynamic support throughout. Additionally, volume spikes during rallies confirm trend strength.
