Hyperliquid (HYPE) has recently seen large whale buying, with the two major wallets investing a total of more than $4.2 million, breaking the current bearish sentiment with strong capital inflows. These large holders are not only actively adding to their positions at the current price but also retaining large USDC reserves, hinting at the possibility of continued buying in the future. However, retail investors remain cautious, leaving the market divided between confidence and hesitation.
Despite strong inflows, HYPE’s technical structure remains weak. The price continues to move along a narrow descending channel, forming lower highs and lows. $35.48 emerged as a key resistance level that failed to break through multiple attempts. The MACD maintains a bearish stance with the line below the signal line and the momentum bar continues to be weak. The RSI is close to 34, which also indicates that sellers are dominant. However, the price is approaching a psychological support zone that has seen multiple rallies in history and could be a key area for bulls to watch in the short term.
Looking at the derivatives market, open interest (OI) fell by 4.44% to $1.47 billion, indicating that traders are reducing their leveraged exposure during the recent pullback. A low OI typically indicates a cautious market and also signals potential increased volatility in the future. Once liquidity gathers, any trending action can amplify price fluctuations. The long-short ratio is slightly bearish, with 52.24% of short positions and 47.76% of long positions. Although the bears have the upper hand, the gap is not large, which means that the market has not yet formed a strong overwhelming consensus, and small changes in sentiment can trigger structural changes.
Liquidation data shows that bulls suffered massive liquidations during the decline, losing up to $4.49 million, while bears lost only about $16,300, further highlighting the increased power of sellers. The peak of long liquidation fell in tandem with OI, indicating that the market is actively reducing risk exposure under downward pressure. It is worth noting that large-scale liquidations tend to occur near the point of depletion, and a short-term rebound is not impossible once the forced sell-off is digested.
Overall, despite whales’ long-term confidence, HYPE’s technical structure remains weak, and trend reversals require more buying confirmation. A break above the $35.48 resistance remains key in the short-term direction, while the performance of the support zone will determine whether the market has a fresh window for a rally.
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