Hyperliquid's HYPE holds the $60 line as a16z whale swaps $5.18M for ETH 🐳

Hyperliquid [HYPE] traded around $65 at press time, up 4.58% on the daily charts and roughly 15% below its $76k high recorded a week ago. The token successfully defended the $60 level, bouncing to a local high of $67 before a modest retracement, while 24-hour volume climbed 88%.

Even as the rebound played out, on-chain data flagged profit-taking by a large holder. According to Lookonchain, a whale linked to a16z deposited 77,402 HYPE, worth $5.18 million, into OKX and Bybit. Shortly after the deposits, Lookonchain reported the same wallet purchased $782,000 worth of ETH, signaling a rotation toward Ethereum.

On the demand side, exchange flows continued to point to accumulation. Spot Netflow has stayed negative for the past week, dropping 155% to -$32.8 million. Spot Retail Activity showed 'Too Many Retail' orders on five of the last seven sessions, with 'Few Retail' orders on the remaining two days.

On higher timeframes, HYPE was trading at $70.11, up 7.51% over the prior week and more than 74% over the past year, holding a long-term bullish swing structure. Over the past month, the token has ranged between $53.35 and $74.78, with price currently above the mid-range resistance at $64.1 and the short-term resistance zone at $67.2. The On-Balance Volume has been climbing steadily and the RSI remains above the neutral 50 mark.

Technical indicators on shorter timeframes showed the ADX rising alongside the +DI, with the weekly RSI forming lower highs in recent weeks. A weekly close beyond $72.1 would present a bearish divergence on that timeframe, though it does not guarantee an immediate correction, while a sustained push could take price back toward the $74.78-$75 supply zone.