Key Takeaways
Hyperliquid sits 12% below ATH as whales stack in. Futures volume clusters show conviction, not froth. With indicators cooling off, a breakout into price discovery hinges on reclaiming $45 with force.
With only a 12% gap between its current price and its all-time high of $49, can Hyperliquid [HYPE] close the gap and push into price discovery?
This article dives into the key metrics to evaluate whether HYPE is poised for a breakout or facing another rejection.
Whales are coming in
Look no further than who’s buying, and how much.
According to data from CryptoQuant, Spot Average Order Size on Hyperliquid has surged sharply since late April.
While smaller participants dominated during the early-year slump, recent months show a visible uptick in large whale orders.
Source: CryptoQuant
These are not casual buys; they suggest rising institutional presence. When order sizes grow alongside price, it is a sign that the rally is driven by real capital — not hype alone — strengthening the bull case.
The numbers that the big players care about
On the derivatives front, HYPE’s Futures Volume Bubble Map lit up between $35 and $45—the zone where price has ranged recently.
Source: CryptoQuant
These red “overheating” bubbles signal leveraged positions by whales concentrated at current levels.
This level of sustained Futures positioning suggests deliberate exposure. Notably, there’s little to no volume below $30, implying that HYPE’s price floor has moved higher.
If that base holds, it sets the stage for another leg upward.
HYPE isn’t done yet
HYPE’s daily chart showed a recovery from its recent dip, hovering above $44 at press time, with support from the 50 EMA at $40.68 and the 100 EMA at $35.61 — both trending upward.
Source: TradingView
The RSI sat at a healthy 54 while the MACD remained in bearish territory. But the histogram is flattening — a possible bullish crossover ahead. This cooling-off phase appears more like consolidation than reversal.
If bulls reclaim momentum, especially above $45, we could see HYPE possibly break its all-time high.
