HYPE gained 2% on Thursday, building on a nearly 3% advance from the previous session, as the token pushes toward its 50-day exponential moving average near $58.37. That level is the next major resistance, and a decisive break above it could open the door to the $62.58 supply zone.
Whale Holdings Keep Growing
On-chain data shows two large holders have been adding to their positions. Hyperliquid Strategies now holds 17.60 million HYPE, up from 12.50 million in January. The market value of that stake has climbed from $703 million at the end of Q1 to roughly $980 million in Q2.
Hyperion DeFi also increased its treasury holdings, moving from 1.88 million HYPE to 1.93 million. The value of that position rose from $77 million at the end of Q1 to $107 million in Q2, a $31 million fair-value increase. These moves suggest that at least some large players are betting on further upside.
Futures Data Points to Bullish Sentiment
Derivatives activity is picking up. HYPE futures open interest rose more than 4% over the past 24 hours to $2.39 billion, while trading volume jumped 45% to $1.60 billion over the same period. Short liquidations reached $1.34 million in the previous 24 hours, far exceeding the $251,040 in liquidated long positions. That imbalance often signals that bears are being squeezed.
The funding rate remains positive at 0.0080%, meaning long positions are paying shorts a small premium. It's not a dramatic level, but it does suggest the market isn't heavily skewed one way.
Technical Indicators Mixed but Supportive
HYPE continues to trade above its 200-day EMA at $51.29 and a rising trendline near $53.05. The Moving Average Convergence Divergence (MACD) indicator has crossed above its signal line, and its histogram is positive. The Relative Strength Index (RSI) sits near 50, reflecting neutral conditions rather than overbought or oversold territory.
If the token fails to reclaim the 50-day EMA, a pullback toward the rising trendline at $53.05 is possible, with the 200-day EMA at $51.29 as the next support. Traders will be watching whether HYPE can close above $58.37 in the coming sessions; that's the level that would confirm the next leg up.
