- The HYPE price signals a bullish breakout from the resistance trendline of an eight-month-long rising wedge pattern.
- Hyperliquid coin gains additional momentum from a renewed surge in futures open interest and whale buying.
- Pivot levels highlight potential resistance at $67.4 and $75.5.
HYPE, the native token of the decentralized crypto derivatives exchange Hyperliquid, posted a new high of $59.46 during Thursday’s market, outperforming altcoins after the Fed rate cut decisions. With today’s jump of 1.2%, the HYPE price teases another breakout from a key resistance level of a wedge pattern. Recent on-chain data highlights continued accumulation from large investors, reinforcing the opportunity for an extended recovery.
On-Chain Data Reveals Whale-Led Push Driving HYPE to New Highs
In the past three weeks, the Hype price showcased a high-momentum rally from $42.52 to a new high of $59.42, registering a 39.84 gain % A primary catalyst behind this surge was the broader bullish sentiment in the crypto market, anticipating a 0.25% interest rate from the U.S. Federal Reserve.
The rate cut aligned with market expectations and pushed additional momentum into the majority of major cryptocurrencies, including Hype. Along with the price rally, futures contracts tied to Hyperliquid witnessed a renewed speculative force as the OI data bounced from $2.31 billion to $2.46 billion—a 6.5% increase—in the last three days.
The sharp increase in OI is typically taken as an indicator of increased speculation and increased capital inflows into leveraged positions, often around times of increased volatility.
According to Spotonchain data, large wallet actions coincided with the recent surge in OI. Address “0x137,” which had been inactive for almost 3 months, woke up by paying $5.71 million in USDC to pick up 101,615 HYPE tokens at an average cost of $56.2.
Another major account tagged as “mtaavebank.eth” bridged $14.6 million in USDC onto Hyperliquid before deploying capital across multiple strategies. The wallet created a 5x leveraged long worth around $12.6 million in 215,985 HYPE and simultaneously deposited $4.5 million into the vault on the platform.
Whale-led flows and increasing derivatives exposure around a new high in HYPE price suggest the market participants are anticipating a continued recovery.
Hype Price Teases Breakout From an 8-Month Pattern
On Thursday, September 18th, the HYPE price bounced over 1.9% to reach a current trading value of $58.89. This jump pushed the coin price against the resistance trendline of a rising channel pattern on the daily chart.
Since late January 2025, the price has resonated within the two converging trendlines of this channel pattern, providing traders with dynamic resistance and support. A potential upside breakout from this already bullish trend pattern indicates the aggressive buying force on price. The momentum indicator ADX (Average Directional Index) at 31% and rising accentuates the strong bullish momentum in this recovery and suggests that the buyers are not yet exhausted.
If the breakout materializes with a daily candle closing above the resistance trendline, the buyers will get their next support level to drive a higher rally. According to the traditional pivot levels, the post-breakout rally may hit its next significant resistance at $67.4, followed by $75.5.
On the contrary, if the coin price reverts within the wedge channel, the sellers could recoup and force a bearish pullback towards the $50 psychological level to test the bottom trendline.
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