Hyperliquid's HYPE Tests Patience at $64 While Whales Quietly Stack $96M 🐳

Hyperliquid's HYPE token traded near $64 after pulling back about 4% over the past 24 hours and 11% on the week from an all-time high of $77. The decline tracks a broader cooldown across the DEX sector, where tokens including AsterDEX ($ASTER) and Lighter ($LIT) have also slipped. Sector comparison data shows $HYPE up 3.75% over the past month, $LIT up 20.77% and $ASTER down 9.70%, with price charts moving in tandem and $HYPE showing the largest magnitude of movement.

On-chain activity around $HYPE remains heavy. Whale Factor reported a single wallet has loaded the largest in-chain long position on the token, currently holding $93 million in $HYPE on a fully leveraged 4x account and sitting on $39.7 million in unrealized profit. Separately, a wallet linked to BitMEX co-founder Arthur Hayes withdrew 44,156 $HYPE worth $2.93 million from Gate, according to on-chain data, having booked roughly $503,000 in profit across two trades over the past two weeks. Hayes has publicly denied that the wallet is his.

Technically, $HYPE has printed a daily double top with a neckline around $55. The MACD has turned red, and the Choppiness Index (CHOP) fell to 44, a reading consistent with strengthening trend conditions. A failure to hold above the $53–$55 zone could extend the correction and confirm a bearish reversal, while a sustained bid could set up a retest of the $77 resistance, where liquidation heatmap data shows roughly $10 million in clustered liquidity.

Trading volume on the Hyperliquid network has surged over the past four days as long positioning increased, and the token is trading above key Exponential Moving Averages while the stochastic RSI bounces from oversold territory. A market imbalance between $57 and $63 remains unmitigated following the token's May 20 breakout and subsequent bounce off $53 triangle support, putting $77 back in focus as the next reference level for bulls.