Hyperliquid [HYPE] has gained 2.85% in the past 24 hours, with weekly gains reaching 27%. The altcoin surpassed $97 on September 23rd, marking a new price peak.
Supply Reduction and Whale Activity
The rally has been supported by Hyperliquid's buyback and burn program, which has permanently removed over 48.86 million HYPE tokens from circulation, valued at more than $4.76 billion.
Whale accumulation has also accelerated. A single whale purchased 373,730 HYPE valued at $36 million, bringing its total holdings to approximately 4.7 million tokens worth $400 million accumulated within a month. Hyperliquid Strategies has accumulated 33.60 million HYPE worth $3.20 billion, equivalent to 15% of the circulating supply.
Open Interest on Hyperliquid reached an all-time high of $18 billion as prices peaked.
Price Dynamics and Technical Signals
The MACD indicator showed bullish positioning at press time, though momentum strength was declining. Short liquidations, which dominated the past week, have eased in scale. HYPE has bounced off a rising trendline support four times but currently trades away from that mean position.
Potential support levels include $88, $75, and $70, though continuation cannot be ruled out given overall crypto market strength.
Institutional Selling Pressure
Institutional profit-taking has begun following the price peak. Wintermute moved tokens heavily to major exchanges, signaling selling pressure. Liquidation leverage data showed more than $2.91 million positioned at $98.48 and $3.39 million at $94.66, with a significant wall of shorts defending the $100 mark.
HYPE's near-term direction remains uncertain as both bullish and bearish factors influence price movement.
