Whales Buying HYPE Dip: Can $80 Still Be In Play?

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(SeaPRwire) –   By: Lucas Caldwell

HYPE took a 7% hit as broader crypto markets sold off. But beneath the surface, whales are making moves. Let’s break it down.

Crypto markets saw over $660 million in liquidations, dragging HYPE down. Yet on-chain data tells a different story. Whales accumulated over $23 million worth of HYPE during the dip. A new wallet withdrew 278,827 HYPE ($17.45M) from Coinbase Prime. Another whale wallet 0x2386 pulled 96,930 HYPE ($6.01M) from BitGo after a month.

Arthur Hayes’ linked wallet is back in action. It added 44,156 HYPE ($3M) after profitable trades. This signals experienced players see value at current levels. Another whale withdrew 60,392 HYPE ($4.18M) from Gate, now holding over 457k HYPE worth $31M.

HYPE was rallying to $78-80 before the sell-off. Now it’s testing support at $58-60, matching previous breakout zones and the 50-day EMA. Derivatives data is bullish: long-short ratio at 1.03, positive funding rates. But social dominance for HYPE has dropped since June 17. Spot ETF inflows are quiet, hinting at softer institutional interest.

CryptoQuant shows retail participation spiked after HYPE hit $76.90. Both spot and futures markets are overheating, which could slow recovery. If buyers hold $58-60, next resistance is $70. Clearing that would put $75-80 back in view. HYPE’s RSI is neutral at 53, MACD slightly negative. The 200-day EMA at $44.68 is a deeper support if needed.

Author bio: Lucas Caldwell, tech opinion leader with millions of followers on X/Twitter, dissects crypto market moves with sharp insights.