Hyperliquid (HYPE) Price Prediction: 5x Long Whale Bet Signals Another 50% Rally Could Be in the Cards

Amid broader market sell-offs that have impacted the crypto sector in recent times, HyperLiquid (HYPE) has bucked the trend by registering a 15% gain and securing a place among the top twenty cryptocurrencies.

This bullish sentiment is evident as a new wallet has been observed opening a 5x leveraged long position on HYPE.

Hyperliquid Price Rally to Continue Amid Whale Positions

A newly activated wallet has recently come into focus after withdrawing 2 million USDC from Coinbase and transferring it to HyperLiquid. Subsequently, the wallet executed a 5x leveraged long position on HYPE, entering the trade at a price of $20.03, according to data from Hypurrscan.

This substantial move has sparked interest among the trading community, with analysts keenly watching for any market impact and potential price volatility in HYPE from this large position.

Hyperliquid’s price surge of over 72% over the past month has caught the attention of investors as the altcoin claims a crucial resistance of $20, setting the stage for another 50% rally ahead. However, our HYPE price prediction indicator suggests that it could fluctuate around the $21.5 level over the next month.

Where Is HYPE Heading Next?

After finding strong support at $10 in early April, the Hyperliquid price has witnessed a significant surge, noting major gains in 60% of the trading sessions over the past month. With improving on-chain data and whale activity, analysts are expecting the rally to continue even further.

However, for HYPE to rally another 50% from here, it should break past its point-of-control (POC), currently positioned around $23. A move above the POC would indicate that trading volumes have shifted in favor of the bulls, breaking the current downward trend.

As evident in the image below, there’s a crucial support at $19, breaking which would nullify the bullish momentum for the altcoin.

Assistance Funds and Crypto Buybacks

The assistance fund on Hyperliquid has been praised as the most effective buyback initiative in the cryptocurrency domain. Utilizing 97% of its daily revenue, HyperLiquid allocates substantial resources to purchasing HYPE tokens.

Considering a 30-day average daily revenue of $1.3 million, projections suggest it would take approximately 8.23 years to acquire the entire HYPE supply. Meanwhile, the platform’s ecosystem continues to expand, further enhancing its long-term prospects.

Since Trump Liberation Day, a handful of other altcoins like Fartcoin, Solayer, and Virtual Protocol have been performing well, alongside HYPE.