Hyperliquid (HYPE) continues to gain remarkable attention from crypto traders and investors. Today, Onchain Lens spotted a whale who spent $3.67 million USDC to purchase 104,614 HYPE tokens. In sum, the whale spent $11.76 million to purchase 340,167 HYPE tokens at a price of $34.57 in the past 24 hours.
HYPE sees massive outflows
Such massive HYPE withdrawals indicates that this big investor understand something about the altcoin, particularly as its price continues to surge and this wallet address executed such transactions.
These huge token transfers from an exchange into a private wallet signal strategic acquisition amid rising market interest in the Hyperliquid platform.
This event is not an isolated market activity. It hints that whales are becoming increasingly bullish in the Hyperliquid network. Big investors are intentionally withdrawing HYPE tokens, creating a supply scarcity on exchanges. Typically, this move triggers a price surge, a factor that recently catalyzed HYPE price to climb to a new ATH of $37.56 two days ago.
Metrics from Coinglass shows that whales and savvy traders have been accumulating HYPE tokens. The spot inflow/outflow data indicates that exchanges have been experiencing constant HYPE outflows in the recent past days.
These enormous outflows from exchanges signify acquisitions by big investors and long-term holders, indicating that they may maintain the current bullish sentiment and price uptrend.
HYPE may be preparing for correction
The effect of today’s transactions and recent whale activity can be felt in the Hyperliquid market. Today, the token’s price stands at $36.97, an increase of 5.6% over the past 24 hours. Its weekly and monthly rises of 36.8% and 48.6% respectively further highlight the asset’s recent heightened upward movement.
Despite the upswing momentum that led to the asset’s surge to a new ATH, a significant on-chain indicator shows that HYPE is preparing to see a short-term consolidation.
The latest RSI data gives a new projection regarding HYPE’s upcoming movement. Today, at press time, Hyperliquid’s RSI stands at 73.32, meaning that the asset has entered in an overbought zone and therefore may correct down soon.
Once the RSI moves above 70, traders may think of selling or shorting the token, an activity that may contribute to a price correction or pullback in the coming days.
Source: https://blockchainreporter.net/hyperliquid-outlook-whale-buys-11-76m-hype-as-correction-looms-after-new-price-ath/
