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.

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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.