HYPE Price Drops 4% as Whale Sells, But Demand Remains High - Coinspeaker

Key Notes

• A whale sold 126,772 HYPE worth $5.31 million earlier today.
• The dump triggered a sharp 4% daily drop in HYPE’s price.
• Eyenovia is backing HYPE with a $50 million private placement to build a strategic reserve.

Hyperliquid

HYPE $39.89

24h volatility: 1.8%

Market cap: $13.33 B

Vol. 24h: $437.19 M

is trading around $40.5 on June 18, down over 4% in the past 24 hours after peaking at $45.5 earlier this week. The token’s market capitalization also fell 4.5% to $13.52 billion as broader crypto markets faced selling pressure.

This drop coincides with a $5.31 million sell-off by a HYPE whale. According to the on-chain data shared by LookonChain, whale wallet 0x4F12 unstaked and sold its entire HYPE holdings, 126,772 tokens, at an average price of $42.

The trader booked a profit of around $2.89 million, contributing to increased short-term supply.

Despite the dip, institutional players remain bullish. Nasdaq-listed biotech firm Eyenovia announced a $50 million private placement on June 17 to build a strategic reserve of HYPE tokens.

Related article: Why Is Hyperliquid (HYPE) Price Up 12% Today?The firm plans to purchase over 1 million tokens (worth around $40.1 million) and stake them on Anchorage Digital’s platform. Eyenovia will also undergo a full rebrand to “Hyperion DeFi” under the ticker HYPD.

HYPE Price Outlook

On the 4-hour HYPE price chart, the MACD has crossed into negative territory, with the MACD line below the signal line. However, the histogram shows weak selling pressure, hinting at a possible bullish reversal.

HYPE price chart with MACD | Source: TradingView

Bollinger Bands are slightly narrowing, suggesting consolidation and a potential squeeze. The price is currently testing the lower band at $38.25, indicating oversold conditions. A bounce from the lower band could trigger a short-term rally back to the mid-band at $41.6 or the upper band at $44.9.

HYPE price chart with RSI and Bollinger Bands | Source: Trading View

Meanwhile, the RSI is currently at 45.6, indicating neutral momentum with a slight bearish tilt, as it failed to sustain above midline during the last bounce attempt. If HYPE’s RSI reclaims above 50, traders could expect resistance around $44.00 and then $45.50. A decisive break above $45.50 could trigger a move toward new highs.

Short-Term Chop, Long-Term Optimism

Despite current weakness, social sentiment around HYPE remains bullish. Analysts suggest the whale-induced sell-off may lead to a minor dip as the market digests the increased supply.

However, strong buying interest around the $39–$40 zone could offer support, especially with institutions doubling down on their HYPE reserves.

Popular crypto expert Henry noted on X that HYPE has been forming an upward parallel channel on the 2-hour chart since May 7. He expects the 11th largest cryptocurrency to continue its upward trajectory, setting a price target above $55 by June-end.

nextDisclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.