- Two crypto whales accumulated $14.9M in HYPE, triggering a sharp rally as price breaks above key resistance near $39 with high volume.
- HYPE’s price recovery from March lows gained momentum in April, breaking key moving averages and surging over 70% from mid-May.
- Despite an overbought RSI at 75.71, HYPE shows strong bullish sentiment with increasing volume and institutional staking activity.
Two crypto whales have fueled bullish momentum in the HYPE token, acquiring over $14.9 million worth in just three hours according Lookchain. Wallet 0x7E4E purchased 259,367 HYPE for $9.97 million at $38.5. Meanwhile, wallet 0x5dE5 spent $4.94 million to acquire 126,353 tokens at $39.1. Moreover, the latter staked the full allocation, signaling long-term confidence in the asset. As of now, HYPE trades at $40.839, having gained 4.61% in the last 24 hours. This strong rally builds upon a previous surge that began around mid-May from $24.
Price Action and Market Structure Signal Bullish Continuation
HYPE has displayed a remarkable technical recovery since bottoming in March. The token’s price broke past its 50-period and 200-period moving averages in April. Consequently, this marked a major shift in trend after three months of persistent decline. By May, the asset solidified its bullish momentum, reaching a high of 59.531 before retracing to current levels.
Source: Santiment
Moreover, the 4-hour chart on TradingView confirms an ascending structure. The token surged from $26 to $41 between May 20 and May 24. Following that, it entered a consolidation phase between $32 and $38. Buyers consistently defended the $32 support level. Hence, the recent breakout past $39 now affirms continued upward pressure.
Indicators Reflect Strong Market Participation
Trading volume has increased. Over the past 24 hours, HYPE recorded $387.61 million in volume, a 158.92% increase. The volume-to-market cap ratio stands at 2.93%, confirming active trading. Additionally, the Accumulation/Distribution line rose to 5.08 million, reflecting strong money inflows.
Source: TradingView
The RSI now reads 75.71, entering overbought territory. However, buyers continue to dominate, pushing the price higher. The current market cap sits at $13.2 billion, with a fully diluted valuation of $39.53 billion. Circulating supply has reached 333.92 million HYPE, nearing one-third of the maximum 1 billion cap. Besides, unlocked market cap at $12.16 billion shows minimal vesting restrictions, adding to circulating liquidity.
HYPE’s trend reversal from March lows has attracted both retail and institutional attention. Additionally, consistent volume patterns validate the breakout. While the RSI suggests short-term cooling, the outlook remains bullish. Hence, sustained support above $38 could lead to new highs.
