While the rest of the crypto market and altcoins faced some selling pressure, Hyperliquid price gained 15%, outperforming peers while entering the top twenty crypto list. Crypto traders continue to remain bullish, with a new wallet opening a 5x leverage long position for HYPE.
Hyperliquid Price Rally to Continue Amid Whale Positions
A newly activated wallet has recently drawn attention after withdrawing 2 million USDC from Coinbase and transferring it to HyperLiquid. The wallet then executed a 5x leveraged long position on HYPE, entering the trade at a price of $20.03, as per data from Hypurrscan.
This substantial move has sparked interest in the trading community, with analysts watching closely for market impacts and potential price volatility in HYPE.
The Hyperliquid price surge of more than 72% over the past month has grabbed investors’ attention, as the altcoin clinches a crucial resistance of $20, eyeing another 50% rally ahead. However, our HYPE price prediction indicator highlights that it could fluctuate around the $21.5 level over the next month.
Where Is HYPE Heading Next?
After taking strong support at $10 in early April, the Hyperliquid price has surged significantly, registering major gains in 60% of the trading sessions over the past month. With improving on-chain data and whale activity, analysts are expecting the rally to continue even further.
However, for HYPE to rally another 50% from here, it should break past its point-of-control (POC), currently positioned around $23. A move above the POC would signify that trading volumes have shifted in favor of the bulls, breaking the current downward trend.
As shown in the image below, there’s a crucial support at $19, breaking under which would nullify the bullish momentum for the altcoin.
Assistance Funds and Crypto Buybacks
The assistance fund on HyperLiquid has been lauded as the most effective buyback initiative in the cryptocurrency space. Utilizing 97% of its daily revenue, HyperLiquid allocates substantial resources to purchasing HYPE tokens.
With a 30-day average daily revenue of $1.3 million, projections suggest it would take only 8.23 years to acquire the entire HYPE supply. Meanwhile, the platform’s ecosystem continues to grow, further bolstering its long-term prospects.
Since the Trump Liberation Day, a handful of other altcoins like Fartcoin, Solayer, and Virtual Protocol have been doing good, along with HYPE.
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