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Hyperliquid [$HYPE] remained one of the few major cryptocurrencies posting double-digit weekly gains despite broader market uncertainty.
At press time, $HYPE traded at $48.53 after gaining 0.95% over the past 24 hours.
However, Trading Volume dropped 21.21% to $566 million, suggesting traders remained cautious near key resistance.
Why are whales split on $HYPE?
On-chain data showed whales maintained mixed positioning around Hyperliquid. According to Lookonchain, a wallet linked to a16z purchased 206,325 $HYPE tokens worth over $9.95 million and staked them.
The same whale reportedly accumulated 2.34 million $HYPE tokens worth more than $102 million since the 14th of April.
By contrast, another whale wallet identified as “0xde42” sold 50,000 $HYPE tokens worth $2.41 million.
The whale also opened a 10x leveraged short position involving 223,404 $HYPE tokens worth around $10.55 million.
That divergence suggested some large holders still expected upside, while others positioned for a short-term correction.
Meanwhile, CoinGlass data showed exchanges recorded $4.14 million in Exchange Outflows over the past 24 hours.
That shift aligned with potential long-term accumulation, as traders typically move assets off exchanges for holding purposes.
Are Hyperliquid’s fundamentals still strong?
DeFiLlama data also supported Hyperliquid’s broader bullish structure.
Since the beginning of May 2026, Hyperliquid’s Total Value Locked [TVL] increased from $4.279 billion to $5.16 billion.
Over the same period, DEX Volume climbed from $108.15 million to $146.15 million. The rise in TVL and DEX Volume suggested improving liquidity, stronger ecosystem activity, and growing user participation.
That growth helped reinforce investor confidence despite rising caution near resistance.
Can $HYPE break above $50?
According to TradingView, $HYPE maintained a Higher High and Higher Low structure since the 21st of January. During that stretch, the altcoin rallied more than 136%.
However, at press time, Hyperliquid [$HYPE] traded near a major resistance zone around $50, a level previously associated with reversals.
That setup raised short-term correction risks for bulls.
At the same time, Average Directional Index stood at 19.06, signaling weak directional strength despite the ongoing uptrend.
If $HYPE fails to close a daily candle above $50, the altcoin could revisit lower support levels to form another Higher Low. Conversely, a confirmed breakout above $50 could strengthen bullish momentum and open room for further upside.
Final Summary
- Hyperliquid [$HYPE] traded near $50 after gaining 136% since January 2026 through a Higher High structure.
- Hyperliquid’s Total Value Locked [TVL] rose from $4.279 billion to $5.16 billion during May 2026.