Hyperliquid (HYPE) is drawing attention among savvy investors seeking huge returns. Today, a whale created a new wallet and sent $5 million USDC into Hyperliquid and then placed a spot order to purchase HYPE between $12 and $20.05.
Buy orders suggest potential buying pressure
The whale’s activity sparked interest of crypto market participant as he took a bold action against Hyperliquid (HYPE). The whale made a visible move after he placed $5 million USDC on the Hyperliquid platform. He then placed a spot order to purchase HYPE between $12 and $20.05.
This activity shows some of the secrets that whales use to generate smart and quick returns. According to his action, whales don’t depend on luck, but instead rely on advanced tools and strategies that give them with an advantage over the rest of the market. In precise, larger investors don’ trade randomly, but use financial flow analysis tools to track the market and blockchain networks to carryout big transactions.
First, his fiat transfer to Hyperliquid shows intent to buy. The use of order book shows where he placed his buy order. This suggests that the whale expects strong support levels around his buy orders (around $12 and $20.05 range).
Whales often accumulate tokens before major price movements or market updates. Huge accumulations at these price levels give small investors hint to place buy orders at these price levels before HYPE upward movements begin.
What next for Hyperliquid?
After a remarkable surge recorded over the previous weeks, still multiple on-chain indicators depict signs suggesting that HYPE is preparing to see further uptrend.
According to metrics from Coinglass, HYPE’s Open Interest (IO) rose by 25.77% from yesterday. While this means that user enthusiasm is surging, it suggests that users are increasingly placing new premiums in the futures and options market, betting for future price rises.
From a technical point of view, the asset is currently in the formation of an ascending channel pattern, implying a continuation of the current upturn. This formation normally happens within an existing uptrend and indicates that the upsurge momentum is likely to continue.
The ongoing uptrend has enabled HYPE to reclaim the $20 level. Today, the token registered a 10.9% rise from yesterday, currently placing its value at $20.70. Besides that, its price has been up 15.3% and 53.9% over the past week and one month ago, respectively.
