Hyperliquid’s native token HYPE experienced a pullback to near $35 after a strong rally, with recent volatility driven by conflicting whale activity. On-chain data shows a $17.2 million inflow to a private wallet followed closely by a $15.5 million sell-off, highlighting large holder indecision. However, a net outflow of $11.7 million from exchanges over three days suggests underlying accumulation remains intact. The token is now testing a key support zone between $33.48 and $35.19.
The native token of Hyperliquid, HYPE, traded near $35 after a recent pullback from its strong rally. That rally has given way to choppier price action, driven largely by conflicting whale activity against a fragile broader market backdrop.
Recent on-chain data highlights the scale of this back-and-forth. Approximately 488,599 HYPE, valued at $17.2 million at the time, moved from FalconX to a newly created wallet. Transfers of this nature typically point to a longer-term holding strategy, as they reduce immediate sell-side liquidity.
However, the transaction followed closely behind a sizeable sell-off of roughly 450,000 HYPE, worth $15.5 million. While the inflow marginally outweighs the outflow, the proximity of both transactions underscores the indecision among large holders. Such visibility into whale positioning often shapes broader market behavior.
Despite the recent sell-side activity, underlying data suggests that accumulation remains intact. Spot Exchange Netflow shows that around $11.7 million worth of HYPE has exited exchanges over the past three days. This trend typically reflects growing investor preference to hold rather than sell.
The Accumulation/Distribution indicator reinforces this view, with a gradual upward tilt pointing to steady buying pressure. This incremental demand has pushed total traded volume to roughly 5 million HYPE.
Technically, HYPE has moved into a key support zone that may determine its next direction. The asset has already reacted to the $33.48–$35.19 range, staging a minor rebound from that level. Holding this zone could provide the foundation for a renewed push higher.
Failure to maintain support would expose lower demand zones at $29.77–$31.10, followed by $26.10–$28.10, and ultimately $21.63–$23.43. Whether HYPE sustains its footing or extends its decline will likely depend on the balance between continued accumulation and persistent whale-driven volatility.
