HYPE Faces Pressure After Whale Unloads 1.95M Tokens
- A whale sold 1.95 million HYPE worth roughly $110.46 million across two transactions.
- Positive exchange netflows could increase selling pressure as HYPE trades near $57.
- Improving momentum could push HYPE toward $60 if buyers defend the $53 support.
Hyperliquid's HYPE has recovered strongly after buyers defended the $53 support level. The token climbed toward $57 during the latest rebound. HYPE traded around $56.89 at press time, down 0.32% daily. However, whale selling now threatens the recovery. One large holder has sold 1.95 million HYPE across two transactions. Those sales carried a combined value above $110 million. The selling could test buyer confidence as HYPE approaches another major resistance area.
Whale Selling Adds Pressure Near $57
Lookonchain reported that one whale recently reduced a large HYPE position. The wallet initially held about 2.93 million HYPE. That position carried a value near $163.37 million at the time. After two weeks of inactivity, the whale sold another 923,743 HYPE. The transaction generated roughly $53.02 million from the sale. The same wallet sold another 1.03 million HYPE two weeks earlier.
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