HYPE: Double Pressure from Whale Sell-Off and Token Unlocking

Hyperliquid’s native token HYPE is currently undergoing a deep pullback. Its current price is about $35.15, down 3.7% over the past 24 hours. Traders are closely watching a key breakdown zone. Previously, HYPE went through a token unlock with a size of $376 million, and the price promptly fell 4.71% to $36.79, with the market’s focused support level at $35.03. What’s even more concerning is on-chain activity—an address linked to loracle.hl has started selling 450,000 HYPE tokens, worth about $15.52 million, of which 253,861 HYPE (about $8.9 million) have been placed for sale. The asking price range is $34.801 to $35.493. According to the latest data, this address has sold 311,946 HYPE via limit orders, valued at about $10.97 million. This represents one of the largest single-entity sell-off actions for HYPE in recent months.

On the macro level, after Trump’s nationwide speech on April 1, key stock indexes in the US, Europe, Japan, and South Korea all fell, putting overall pressure on risk assets. Meanwhile, US-Iran ceasefire talks have stalled; Qatar has refused to serve as a main mediator, and Iran has refused to meet with the US in Islamabad. The continued escalation of the situation in the Middle East further suppresses market risk appetite for altcoins. Technically, HYPE has entered a critical support zone between $33.48 and $35.19. If it can hold this range, it may provide a foundation for another attempt upward; once it breaks, downside space will open up. Hyperliquid has recently shown strong performance in the decentralized exchange sector. HYPE’s token market cap is about $8.89 billion, and if the whale sell-off pressure is digested, its long-term value is still worth watching.
$HYPE ‌

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