$HYPE Whale Sells 4.99M Tokens for $228M, Secures $148M Profit

What’s Next for HYPE Price After the $228M Whale Sell-Off?

An investor recently liquidated a significant portion of their HYPE holdings, selling 4.99 million tokens for a total of $228.76 million. The sale, which took place at an average price of $45.82 per token, allowed the investor to secure an impressive profit of $148.63 million.

HYPE Whale’s Massive Sale Nets $148.63M Profit

This investor had bought a total of $5.07 million tokens around nine months ago at an average price of only $16.23 a token. With the market value of $HYPE increasing exponentially, it appears that the decision to sell such a good amount of the holdings has paid for itself handsomely.

Look on chain data

The whale sold almost all of their holdings, but they still have a minority stake in $HYPE, with a portfolio of 77,089 tokens worth approximately $3.37 million. The vote to keep a part of their investment casts doubts on the future, implying that a future rise in the price or the company making more strategic decisions is possible.

With the investor still holding part of their tokens, it remains to be seen whether they will opt to sell in the future or sit back and watch their investment pay off. The future actions of this whale may play a central role in the future direction of the price of the token, as the market direction of $HYPE remains unknown.

Is Hyperliquid Price Ready for a Breakout?

As of the reporting time, the price has shown a positive movement, currently trading at $45.33, with a slight increase of 0.76%. 

This comes after the market sentiment was volatile, and the price has just been able to test the important levels of resistance and support. Notably, the token had surged to a high of close to $52, but it has dwindled considerably to the lower levels, trading between $45 and $43 in recent days.

The Relative Strength Index (RSI) stands at 48.94, which implies no momentum, which may imply that the price will either break higher or consolidate further in case the market fails to pick up.

Source: TradingView

In the meantime, the Moving Average Convergence Divergence (MACD) is also recording a weak positive momentum with the bars of the histogram turning green, which denotes a temporary bullish trend.

Nevertheless, the MACD line is only slightly above the signal line, which can be interpreted as an indication that the price may move before the lines crossover.

Regarding the potential price levels, should the Hyperliquid price breach the immediate resistance point at 48, the next key price level might be the $50 mark, and the price might become more bullish and target the $52 high again.

On the negative side, a failure to maintain the $43 support level could lead the Hyperliquid price to continue to fall in a bearish direction along to the $40 zone, which is a major psychological price to traders.