炒作價格預測：零售交易者能否克服鯨魚對代幣的投注？

加密世界對權力鬥爭並不陌生，但是現在炒作正在發生的事情就像戰場。

In the dynamic world of crypto, power struggles are never far away, but what’s unfolding with HYPE feels more like a battlefield. On one side, two high-stakes whales are going head-to-head over where the token will move next. Meanwhile, thousands of retail traders are banding together, and they might just be tipping the balance.

在加密的充滿活力的世界中，權力鬥爭永遠不會遙不可及，但是炒作的發展更像是戰場。一方面，兩隻高風險鯨魚正對準代幣將在下一步移動。同時，成千上萬的零售商交易者正在團結在一起，他們可能只是在平衡平衡。

After a month of bullish explosiveness, with HYPE climbing over 13%, the rally seems to have stalled slightly. In the last 24 hours, we've seen a pause in the uptrend, with the HYPE price today up just 0.25%. Some analysts call it a breather, others say it’s the calm before another storm. And with the Hyperliquid price surge still fresh in the market’s memory, all eyes are on what happens next.

經過一個月的看漲爆炸性，大肆宣傳超過13％，集會似乎略有停滯。在過去的24小時內，我們看到上升趨勢停頓，今天的炒作價格僅上漲0.25％。一些分析師稱其為喘息，其他分析師說這是另一場暴風雨前的平靜。而且，隨著市場的價格漲幅仍然在市場的記憶中新鮮，所有人都關注接下來會發生的事情。

But it isn’t just whales making noise. Retail derivative traders have entered the chat, pushing market volume higher and positioning themselves for a continued upward trajectory. The question now is, can this crowd movement overpower the whales betting against HYPE?

但這不僅僅是鯨魚發出噪音。零售衍生品交易員已經進入聊天，將市場量提高了，並將自己定位為持續的向上軌跡。現在的問題是，這種人群運動能否克服鯨魚對炒作的投注？

Who Are the Whales Battling Behind the Scenes?

鯨魚在幕後戰鬥是誰？

鯨魚在幕後戰鬥是誰？

The Hyperliquid Whale Tracker reveals two massive positions going in opposite directions. One whale has taken a strong long position on HYPE, betting on another leg upward. This bullish whale entered with $15.54 million for $11.93. As the market now stands at $18, they are sitting on a 34.59% gain, although they haven’t reached their goal yet.

超流動的鯨魚跟踪器揭示了兩個方向相反的大規模位置。一隻鯨在炒作上佔據了很長的位置，向上押注另一隻腿。這只看漲的鯨魚以11.93美元的價格進入了155.4萬美元。由於市場現在的價格為18美元，儘管他們還沒有達到目標，但他們的收益率為34.59％。

On the flip side, another whale has gone short with a $12.80 million bet opened at $14.209. As of now, this trader is down more than 22%. If HYPE breaks through further, the short whale could face liquidation, with their cutoff at $25.95.

另一方面，另一隻鯨魚跌了14.209美元，押注1280萬美元。截至目前，該交易者下降了22％以上。如果炒作進一步破裂，則短鯨可能面臨清算，其截止值為25.95美元。

While the profit and loss stats are interesting, they don’t tell the whole story. Crypto markets are famous for flipping in a blink, and traders are watching closely for any signals. A shift in the broader market or a sudden news event could quickly change the tide, especially with such large positions at play.

儘管損益統計數據很有趣，但他們並沒有講述整個故事。加密市場以眨眼而聞名，交易員正在密切關注任何信號。更廣泛的市場或突然的新聞事件的轉變可能會迅速改變潮流，尤其是在如此龐大的職位上發揮作用。

Are Retail Traders the Real Power Behind HYPE?

零售交易者是炒作背後的真正力量嗎？

零售交易者是炒作背後的真正力量嗎？

Retail activity is skyrocketing. According to Coinglass, most retail derivative traders are taking long positions, aligning with the HYPE bullish chart that’s been developing over the past week. This signals growing confidence among smaller investors, and they could be the key force behind the current Hyperliquid price surge.Chart 1- HYPE Volume-Weighted Funding Rate, published on Coinglass, April 23, 2025.

零售活動飆升。根據Coinglass的說法，大多數零售衍生品交易員都在佔據很長的位置，與過去一周中正在發展的炒作看漲圖表保持一致。這表明較小的投資者對信心的信心不斷增強，並且可能是當前超流利價格上漲的關鍵力量。節目1-炒作數量加權率，於2025年4月23日發佈於Coinglass上。

Market volume has jumped by 5.73% in the last 24 hours, reaching $274.91 million. Along with that, the Volume-Weighted Funding Rate has remained positive since April 20, denoting that long positions are dominant, and traders expect further gains in HYPE.

在過去的24小時內，市場量增長了5.73％，達到2.7491億美元。隨之而來的是，自4月20日以來，體積加權的籌資率一直保持陽性，表示長期頭寸是主導的，交易者預計炒作會進一步提高。

When retail and volume collide with optimism, the market has a way of responding, and right now, it’s looking bullish.

當零售和數量與樂觀相撞時，市場有一種反應方式，現在看上去看好。

What Does the Data Say About HYPE’s Direction?

數據對炒作方向有何評論？

數據對炒作方向有何評論？

The funding rate, currently at 0.0099%, tells us that long traders are paying a premium to short traders, indicating a willingness to hold onto bullish bets. This supports the ongoing upward momentum and could widen the gap between spot and futures prices if bullish sentiment keeps rising.Chart 2- HYPE Funding Rate History Chart, published on Coinglass, April 23, 2025.

目前為0.0099％的資金率告訴我們，長交易者正在向短交易者支付溢價，這表明願意保持看漲的賭注。這支持了持續的勢頭，如果看漲情緒不斷上升，則可能會擴大現貨和期貨價格之間的差距。

Liquidation data backs this up. Over the past 12 hours, short positions saw $37,230 in losses compared to just $5,530 for long traders. That imbalance shows how the pressure is mounting against bears, and how strongly the bulls are positioned.

清算數據將其備份。在過去的12個小時中，短職位的損失為37,230美元，而長交易者僅為5,530美元。這種不平衡表明壓力是如何對熊施加的，以及公牛的位置有多強。

Another key signal is Open Interest, which has returned to its February highs. This shows that overall trader engagement is surging, with most of it stemming from long positions aiming for further highs.

另一個關鍵信號是開放興趣，該興趣已恢復到2月的高點。這表明總體交易者參與正在激增，其中大部分源於較長的位置，旨在提高高位。

Can HYPE Break Through Price Resistance?

炒作可以突破價格抵抗力嗎？

炒作可以突破價格抵抗力嗎？

The next big test for HYPE is whether it can push past its current level and challenge the next key HYPE price resistance. If retail traders stay locked in and volume continues to climb, that break could come sooner than many expect.

炒作的下一個重大測試是它是否可以超過其當前水平並挑戰下一個關鍵的炒作價格阻力。如果零售交易者保持鎖定並繼續攀升，那麼休息時間可能比許多人預期的要早。

However, despite the possibilities, we cannot ignore the potential for volatility, especially with the clash between a confident, bullish crowd and a whale betting against them. But if the crowd continues to rally and maintain the momentum, the bearish whale may face a forced liquidation, a potential turning point in HYPE’s price trajectory.

但是，儘管有可能，我們不能忽略波動的潛力，尤其是在自信，看漲的人群和針對他們的鯨魚下注之間的衝突。但是，如果人群繼續集結並保持勢頭，看跌鯨可能會面臨強迫清算，這是炒作價格軌蹟的潛在轉折點。

With retail traders showing their strength and optimism, and volume surging alongside it, the potential for further gains in the Hyperliquid token seems high. As more retail positions align with the HYPE bullish chart and overcome resistance, this collective

隨著零售交易者表現出自己的力量和樂觀，並與之息息相關，在超流動令牌中進一步獲得的潛力似乎很高。隨著越來越多的零售位置與炒作看漲圖表相吻合併克服抵抗力，這個集體