Hyperliquid's Native Token, HYPE, Soared Over 11%

Hyperliquid's native token, HYPE, soared over 11% in the last 24 hours, briefly tagging a daily high of $39.93

Hyperliquid’s native token, HYPE, shot up more than 10% in the last 24 hours, briefly touching a daily high of $39.93, as its trading volume soared by 55%.

Playboy you are welcome at my table anytime. See you in Ibiza. $HYPEhttps://t.co/Kd9Gqe84gN

This explosive price move for HYPE follows BitMEX co-founder Arthur Hayes’ challenge to trader James Wynn,

Wynn, a self-described “memecoin maxi,” started with a modest $400K margin and built up to a $1.1 billion BTC perps position using 40x leverage on Hyperliquid. The trade, which drew both praise and criticism, ultimately yielded a whopping $25 million profit.

The trader even confirmed in an X post that at its peak, his wallet showed an unrealized profit of a massive $87 million. Now, with Wynn cashing in that impressive reward, Arthur Hayes has publicly called him out, essentially saying “see you in Ibiza;” a crypto community insider nod associated with celebrating big wins.

Whales Snap Up $27.8M of HYPE Token, Fueling Rally Further

Adding to the momentum in HYPE, on-chain analysis firm Lookonchain reported that five large crypto whales collectively bought 794,104 HYPE tokens (worth about $27.8 million) over just the last two days.

5 whales bought 794,104 $HYPE($27.8M) in the past 2 days!

👉0x24aB bought 448,071 $HYPE($15.65M) at $34.94.

👉0x13706 bought 149,860 $HYPE($5.28M) at $35.22.

👉0x033E bought 81,634 $HYPE($2.89M) at $35.45.

👉0x9553 bought 57,158 $HYPE($2M) at $35.04.

👉0xFa0F bought 57,381...https://t.co/7I4Yp9qR8w

— Lookonchain (@lookonchain) August 17, 2023

These significant buys were concentrated around the $34.80–$35.45 price range for HYPE. Such massive purchases by large holders are often seen as a strong confirmation of growing institutional or big-money confidence in a token’s upward price trajectory.

Technical Analysis: RSI Overbought, But MACD and Fibonacci Point Higher for HYPE

Looking at the technicals for HYPE, the RSI is currently reading 85.72, confirming that HYPE is firmly in overbought territory, a sign of strong momentum. Traditionally, a high RSI suggests pullback risk, but assets in a parabolic phase often defy gravity for longer.

On the other hand, the MACD line (4.28) has crossed significantly above the signal line (3.16), a classic bullish crossover indicating strong buying pressure.

As per the chart above, HYPE has surged past the 1.618 Fib extension level at $33.18, and now flirts with the 2.618 level at $43.17, the next potential bullish target if momentum persists.

If bullish momentum holds, a break above $40 could send HYPE toward the $43–$44 range, with $47–$50 possible in an overextended rally scenario. However, should a pullback occur, key supports lie at the 0.786 level ($24.86) and 0.618 level ($23.18). A fall below $27 (Fib 1.0) could accelerate profit-taking.