Is HYPE Price Poised for Another 70% Rally as Whales Open $12M Longs?

Highlights

HYPE price could rally by 70% to print a fresh all-time high at $68 as the momentum remains bullish.
After dropping by 4% in 24 hours, HYPE price is testing crucial support at $40.
Whales are betting on a recovery after large wallets opened long positions worth more than $12M in 24 hours.

Hyperliquid (HYPE) has dropped by 17% from its all-time high of $45 that was recorded earlier this week. On June 19, HYPE price traded at $37 while daily trading volumes stood at $460 million, suggesting that interest from traders remained high. Meanwhile, a bullish technical structure on the daily timeframe and whale behaviour hints that another 70% rally could be imminent.

Is HYPE Price Eyeing Another 70% Rally?

After recording an uninterrupted upward trend since April, the HYPE token has formed an ascending parallel channel, which shows that buyers have remained in control of the price action for more than two months.

At press time, HYPE price was testing the lower support level in this pattern after buying strength waned as some traders took profits at the all-time high price. If it can bounce from this support level with strong buy volumes, it will likely aid another rally to fresh highs.

The RSI indicator also shows a bullish HYPE price forecast because, despite retreating to the lower support line, the momentum is still bullish due to the reading of 53. If the price can create a higher low and overcome the resistance at the upper trendline of the ascending channel at $46, it may rise by 70% to print a fresh ATH at $68.

However, there is a need for caution as the AO histogram bars suggest that the bullish trend is growing weaker. If there is no shift in this outlook as the token’s price tests the lower boundary support, it may invalidate the bullish outlook and force it to drop to the 61.8% Fibonacci level of $32.

HYPE Price Eyes Gains as Whales Place Bullish Bets — HYPE/USDT: 1-day Chart (Source: Tradingview)

Among the factors that could aid a 70% rally for HYPE price to $68 is growing institutional interest after Nasdaq-listed company Eyenovia launched a Hyperliquid Treasury as it invests $50 million to purchase tokens.

Whales Open $8.3M Long Positions

Large wallets have been making notable profits from opening long positions on the token. As CoinGape reported, a whale minted a $34 million profit on HYPE with a 4x leverage position. Data from CoinGlass now shows that these speculative traders remain relentless as HYPE price prints fresh record highs.

Data from Coinglass shows that in the last 24 hours, whales have opened $8.33 million worth of long positions on the Hyperliquid DEX platform despite the price retracing to support. Two of these whales will be liquidated if the price falls to $25 or $28. However, amid the ongoing volatility, the three whales are sitting on unrealized losses.

HYPE Price Outlook as Whales Open Bullish Bets — HYPE Whale Positions (Source: Coinglass)

This outlook suggests that large addresses are optimistic that the HYPE token can continue with its upward trend, and possibly print a fresh all-time high soon.

To sum up, HYPE price appears to be on the verge of making a 70% rally to $68 as bullish momentum remains strong within an ascending parallel channel. Whales may be positioning themselves for such a move after these wallets opened long positions worth more than $11 million.

Frequently Asked Questions (FAQs)

1. Can HYPE price record another all-time high?

HYPE price can record another all-time high if buying pressure remains strong, as the RSI shows that despite the price dropping to support, the momentum remains bullish.

2. Why is HYPE price down by 11% from its ATH?

HYPE price is down by 11% from its ATH as some traders likely took profits at the top. The bearish sentiment across the broader market may also be causing the dip.

3. Why are whales opening long positions on HYPE?

Whales are opening long positions on HYPE amid surging interest from whales and institutions.

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muthoni

Muthoni Mary is a seasoned crypto market analyst and writer with over three years of experience decoding blockchain trends, price movements, and market dynamics. She holds a Bachelor’s Degree in Commerce (Finance) from Kenyatta University, blending a solid academic foundation with a sharp eye for technical analysis and a deep understanding of on-chain data. Her work delivers clear, data-driven insights that empower investors to navigate the fast-evolving digital asset space with confidence. When she’s not analyzing the markets, Mary enjoys reading and travelling.

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