Hyperliquid tests KEY support – Can $3.02M whale buy halt HYPE’s decline?

Hyperliquid [$HYPE] declined 1.3% over the past 24 hours and was trading at the $41.31 level at press time, marking its second consecutive day of losses. Despite the price dip amid ongoing geopolitical tensions, a crypto whale has shown remarkable interest in the asset by adding millions of dollars’ worth of $HYPE tokens.

A report from crypto transaction tracker Onchain Lens revealed that a crypto whale purchased a massive 71,832 $HYPE tokens worth $3.02 million at the $42 level. This significant purchase highlights $HYPE’s growing demand, as investors appear to be seizing the price dip as a buying opportunity.

On-chain and derivative data signal bearish sentiment

However, amid this market dip, some investors appear to be engaging in panic selling, as recorded by the analytics platform Nansen. Data shows that over the past 24 hours, the top 100 addresses have reduced their $HYPE holdings by 17.57%, indicating growing fear amid the current market situation.

Meanwhile, traders appear to be following the broader market trend by betting on the price to decline. Derivatives platform CoinGlass shows that $HYPE’s Funding Rate has dropped to -0.0065% as of writing, indicating that traders are heavily betting on the downside.

So far, the key liquidation levels are $40.47 on the downside and $42.67 on the upside. At these levels, traders have built $5.10 million worth of long positions and $7.68 million worth of short-leveraged positions, suggesting that intraday traders are currently expecting the price to move lower.

Hyperliquid price action and key level to watch

According to TradingView, $HYPE is approaching a key horizontal support level at $39.40 on the daily chart, a level it has been holding since the 10th of April, 2026. Meanwhile, the asset’s broader trend remains bullish, as it has continued to form a pattern of higher highs and higher lows since its recent dip to $20.90 in January 2026.

Based on the current price action, if $HYPE manages to stay above the key $39.40 support level, there is a strong possibility that it could reach another high in the coming days. However, if $HYPE fails to hold this support and falls below it, the trend could potentially shift bearish, with the price likely declining toward its next support level at $36 in the near term.

At press time, the Average Directional Index (ADX), which measures trend strength, stood at 15.26, below the key threshold, indicating weakening momentum in $HYPE’s current trend.

Final Summary

• A crypto whale purchased 71,832 $HYPE tokens worth $3.02 million at the $42 level, despite the asset declining 1.30%.
• Price action suggests that $HYPE is near a key level. If it manages to hold above $39.40, it could witness a strong upside move.