A major institutional investor purchased 215,056 HYPE tokens worth approximately $6.06 million via an over-the-counter desk at Galaxy Digital. The acquisition highlights growing institutional interest in the asset, according to an analyst. Meanwhile, technical analysis shows HYPE’s price remains below key moving averages with compressed Bollinger Bands, indicating weak near-term momentum. The RSI sits around 46 and the MACD is below zero, pointing to mild bearish pressure.
A major institutional whale purchased 215,056 HYPE on Saturday, February 28, worth approximately $6.06 million, via an OTC transaction through Galaxy Digital. The crypto analyst Onchain Lens highlighted that this acquisition demonstrates a strategic approach to accumulating the token without impacting public exchange prices.
Over the past 18 days, the wallet has steadily accumulated HYPE, now holding 540,337 tokens valued at around $14.86 million. Such concentrated buying often signals confidence in the asset, potentially influencing market sentiment, as noted by Onchain Lens.
According to TradingView, HYPE remains structurally weak following a sharp sell-off, trading below most moving averages. The compression and slight slope of the averages indicate indecision, with repeated rejections on price bounces showing selling pressure.
Volatility decreased during the rebound as Bollinger Bands constricted, with the price consolidating in the lower half of the bands. Support is found near recent lows in the mid-$26 range, with resistance above in the $28.2 to $29 range.
The RSI (14) is at 46, below the 50-point midpoint and unable to sustain itself above its moving averages. It remains well above the oversold region, indicating buyers are present but not overwhelming.
The MACD (12, 26, 9) is below the zero line, with the MACD below the signal line, indicating the continuation of bearish momentum. However, the histogram is small, showing that downward pressure is moderate in nature.
