Hyperliquid [HYPE] has maintained strong upward momentum, holding within an ascending channel after briefly retracing to $76. The altcoin held the $78 level, flipped $80, and reached $83 prior to a slight pullback. At the time of writing, Hyperliquid traded at approximately $81.60, marking a 1.12% increase and adding to weekly gains of 40%.
Alongside the steady uptrend, whale activity has intensified on both the demand and sell sides of the market. According to CryptoQuant data, average spot order sizes indicate elevated whale activity, with $82 acting as a higher whale resistance level.
On-chain monitoring firm Lookonchain reported that a whale resumed accumulating HYPE following a two-month period of inactivity, withdrawing 79,800 HYPE valued at $6.5 million from exchanges. This wallet now holds a total of 1.36 million HYPE, valued at $95.6 million, at an average price of $70. Additionally, Onchain Lens reported another whale wallet withdrawing 27,290 HYPE worth $2.23 million from OKX, bringing its total holdings to 74,81k HYPE valued at $5.33 million. Combined, these two whales withdrew 107,090 HYPE worth $8.7 million.
Conversely, selling pressure from whales has also been notable. Lookonchain reported that a whale sold a total of 301,937 HYPE worth $24.4 million, realizing over $5.3 million in profit. Exchange data reflects this selling behavior, as Hyperliquid Spot Netflow rose to $6.7 million over a 24-hour period, indicating that the spot market experienced more selling than buying.
Despite the selling pressure, buyers have absorbed the volume, keeping the altcoin's bullish momentum intact. Technical indicators, including the DMI ADX Smoothing indicator and the Relative Strength Index near the overbought zone, suggest the current trend remains supported.
