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

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.

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.

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.