Whale Shockingly Dump All $5.08M HYPE Tokens, Is Hyperliquid Market Selloff Coming? 

The ongoing heightened market volatility has left investors confused. Amid this uncertainty, a whale’s sell-off today stirred curiosity about its impact on the Hyperliquid ($HYPE) price, according to data presented to Lookonchain.

Whale dumps all $HYPE tokens

As per data posted by Lookonchain, the whale offloaded all $HYPE tokens, making him lose more than $1.8 million. Data shows that from Feb.25 to Mar.4, the whale spent $5.08 million $USDC to buy $HYPE at an average price of $19.08. Today, he sold all the tokens for $3.27 million $USDC at an average price of 12.27, losing over $1.8 million.

While this whale’s activity discourages investors’ optimism in the $HYPE market, it also generates opportunities. The sell-offs suggest a potential price decrease, thus creating the opportunity to buy the dip. Also, this whale’s action signals that big investors are paying attention to other crypto assets with high growth potential.

$HYPE price updates

Hyperliquid has been facing downward movement over the several weeks ago. This downturn may have prompted the whale to sell his investments. While the sell-off was expected to trigger a further slump, things are different as $HYPE price saw some recovery today. The asset is currently trading at $13.31 after seeing a rise of 4.2% over the past 24 hours. This positive reversal comes after widespread selling pressure in the $HYPE market. The asset has been down 43.2% and 17.5% over the past month and seven days ago respectively.

Despite the decline of transaction volume by 29.20% over the past 24 hours, the asset is showing a promising price recovery. The decreased trading volume indicates a reduced participation by investors in the market currently. However, today’s price rise suggests that $HYPE could be preparing for further upsides, particularly if it maintains its price above its current support levels.

Onchain data shows that Hyperliquid is in a better position to experience further highs. If can continue to hold above the $11.82 support level, it may record a potential price growth of 25% soon, with the next key target around $16.41. If it can manage to break the crucial resistance level of $14.59, it could climb to higher levels.

Despite whales’ sell-offs impacting $HYPE, the market still experiences robust positive sentiment around the asset. Open Interest (IO) on Hyperliquid surged by 2.46% over the past 24 hours. This indicates that derivatives traders are increasingly creating positions, betting on the token’s growth, especially with long positions.

Onchain metrics show that $HYPE still has sustained support in the market. Despite offloading activity by whales, big investors are still active, with many anticipating for the price to surge higher. $HYPE’s capacity to defy these huge sell-offs and embraces upturn highlights its strength in the crypto market.