Hyperliquid: Whales suppress price surge, technical analysis & price targets

HYPE Blocked by a Whale 

The cryptocurrency market is often a battleground between institutional investors and retail traders. Currently, Hyperliquid (HYPE) perfectly illustrates this dynamic. Over the past few days, several major wallets have transferred hundreds of thousands of tokens to centralized exchanges. This move signals a clear intention to take profits and increase the available supply.

Despite this massive selling pressure, the price of HYPE is showing remarkable stability. At present, the asset is trading in a range between $42.40 and $44.20, displaying moderate volatility over the last 24 hours. This resilience can be explained by strong accumulation from retail traders, coupled with strategic buybacks from the protocol’s support fund that are propping up the prices.

But the whale generating the most buzz is Loracles. Indeed, this is one of the most active and closely followed whales on Hyperliquid. In early May 2026, they sold 556,729 HYPE for approximately $22.9 million (average price ~$41.16), nearly emptying their spot bag. 

Simultaneously, they opened and maintained a significant short position on HYPE (5x leverage, size exceeding $30M to $36M), clearly contributing to the selling pressure around $40. However, they still hold $78M worth of HYPE tokens in spot, and this short is likely a hedge in case of a market downturn.

Other whales, including Matrixport, as well as HyperLabs and its unstaking, are also adding pressure, but Loracles is the one coming up most often in discussions because they are a highly respected whale within the Hyperliquid ecosystem.

Is the Key Support for Hyperliquid (HYPE) in Danger?

Technical analysis reveals an ideal setup for HYPE with a clearly established range. Indeed, HYPE is trading in a range between $43 and $36 with a solid mid range at $39.7. The Fibonacci retracement indicates three resistances to the upside at $46, $51, and $57. In the event of a range breakout, these are the levels to watch. 

In the event of a drop, the middle of the range at $39 is an area that HYPE must hold, at the risk of plunging back down to $33.

Nevertheless, the market’s ability to absorb the excess supply demonstrates impressive underlying strength. Trading volumes remain robust, proving that there is sufficient liquidity to counter bearish assaults. If this dynamic continues, sellers could quickly exhaust themselves and make way for a new bullish impulse.

How High Can the Price of HYPE Go After This Consolidation?

If the bullish scenario takes over, the current setup could turn into a powerful springboard. A bounce from the current support zone would allow HYPE to target the immediate resistance at $46.56, which corresponds to the 0.618 Fibonacci level on the three day chart. A clean break above this glass ceiling would pave the way for a rally toward $57.

The protocol’s fundamentals, driven by an increase in total value locked (TVL) and perpetual contract volumes, support this optimistic hypothesis. The battle between whale supply and organic demand will dictate the next impulse.

As buyers continue to block massive liquidations, the question remains open for traders. Is this accumulation phase the prelude to a new historic surge, or will sellers ultimately impose their rule on the crypto market? And above all, how long will HYPE remain stuck in this range?

Sources:

• AMBCrypto
• TradingView
• Alex on X

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