Hyperliquid turns choppy as whales rotate: Can HYPE stop a fall from $35?

Hyperliquid’s native token, HYPE, had posted a strong run in the days leading up to its recent pullback, which left it trading near $35 at press time.

That rally, however, has given way to choppier price action, driven largely by conflicting whale activity against a fragile broader market backdrop.

Whale flows drive market tension

Recent on-chain data highlights the scale of this back-and-forth. Approximately 488,599 HYPE, valued at $17.18 million at the time, moved from FalconX to a newly created wallet.

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Transfers of this nature—out of exchanges and into private wallets—typically point to a longer-term holding strategy, as they reduce immediate sell-side liquidity. In isolation, the move leans bullish.

However, the transaction followed closely behind a sizeable sell-off of roughly 450,000 HYPE, worth $15.52 million, executed within a similar window.

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. Traders tend to mirror these flows, amplifying short-term volatility as liquidity shifts rapidly between buying and selling pressure.

The accumulation trend holds

Despite the recent sell-side activity, underlying data suggests that accumulation remains intact.

Spot Exchange Netflow—which measures the movement of assets into and out of centralized exchanges—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.

Source: CoinGlass

The Accumulation/Distribution indicator reinforces this view, with a gradual upward tilt pointing to steady, albeit modest, buying pressure.

This incremental demand has pushed total traded volume to roughly 5 million HYPE, indicating that confidence is beginning to rebuild as the market absorbs recent volatility.

Support levels in focus

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.

Source: TradingView

Failure to maintain support, however, 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.

Final Summary

• Volatility persists as whales rotate positions in quick succession.
• An $11 million outflow signals gradual accumulation despite recent sell pressure.