Hyperliquid: Whale buys $2.3 million of HYPE as price targets $50

Hyperliquid’s HYPE has been trading within an ascending channel over the past week, rising from around $35 to a two-week high of $40.9. As of the latest update, HYPE traded at $40.4, up 4.7% on the day and up about 14% on the week, as market conditions have improved and large holders have re-entered.

Whales add $2.3 million as HYPE clears $40

Lookonchain reported that a newly created wallet deposited $5 million into Hyperliquid and began buying HYPE after it moved above $40. The wallet has purchased 59.2k HYPE, valued at approximately $2.3 million. The account also holds $2.6 million in USDC, which may be reserved for additional purchases. Despite the timing of the entry, the whale is already up roughly $10k, with HYPE trading above its purchase price.

Onchain Lens also highlighted whale activity in perpetuals. It reported that a whale holding a 5x long position since December 6, 2025 is now erasing prior losses. After HYPE fell below $20, the position declined by more than $26 million, and the whale continued covering, paying $1.9 million in funding fees. With HYPE back above $40, the whale’s floating profit is now over $2.77 million.

Long demand rises as traders turn bullish

Alongside whale accumulation, Coinalyze data showed an increase in long positioning. The Long/Short Ratio rose to 1.41, with 58.5% of positions held by longs. This suggests a broader shift toward bullish positioning as traders bet on continuation of the prevailing uptrend.

Momentum indicators point to continuation

HYPE’s technical momentum has strengthened. The Relative Strength Index (RSI) climbed to 63, remaining in the bullish zone. The token is also trading above the 9- and 21-day moving averages, which the report said reflects sustained upside momentum.

If the current momentum persists, the article notes that HYPE could challenge $43 resistance, a level where the prior uptrend previously stalled, potentially setting up a move toward $50.

Profit-taking risk after the $40 breakout

Despite the bullish setup, the article flagged increasing profit-taking risk as HYPE crossed $40. It reported positive Netflow on April 9 and April 10 totaling $4.9 million, which it interpreted as more sellers moving to exchanges as prices rose. Such activity could weaken demand and contribute to a pullback.

In that scenario, the 9- and 21-day moving averages near $37 are cited as potential support, with $35 described as a critical level.

Key takeaways

• A newly created whale wallet deposited $5 million on Hyperliquid and bought 59.2k HYPE worth about $2.3 million.
• HYPE has traded within an ascending channel, reaching a high of $40.9, but profit-taking could disrupt the rally.