HYPE drops after highs: whale sales and bearish pressure
4.2 Markets HYPE fell to $89 after all-time highs, pressured by whale sales and $63M in liquidations. Key support is at $88–$92. The market remains volatile with mixed signals.
HYPE, the native token of Hyperliquid, has experienced notable selling pressure after reaching an all-time high near $98 on September 23. Over the past 24 hours, its price declined to the $89.13–$89.58 range, marking a 3.7% daily drop and over 8% from its peak. This downturn aligns with $63 million in long position liquidations and significant sales by large holders. Notably, 177,520 HYPE (about $16.1 million) was deposited to exchanges, and Hypersphere Ventures sold 62,869 HYPE for $5.78 million, realizing a $2.13 million profit. Other major funds and addresses have also transferred or unstaked tokens worth tens of millions. Technically, HYPE has lost its ten-day support and is now testing the crucial $88–$92 zone, with further supports at $86.90 and $80–$82. The RSI and MACD indicators suggest neutral-to-bearish momentum. Trading volume is currently 12% below the monthly average. The broader crypto market remains volatile and is influenced by macroeconomic and geopolitical factors. Despite the recent correction, HYPE is still up 12.75% over 14 days and 101% over the past year.
