The Hyperliquid (HYPE) coin is attracting investor attention due to substantial increases in market activity driven by sharp rises in token accumulation by whale customers, according to a revelation disclosed today by market analyst Lookonchain.

As per Lookonchain data tracked today, a newly created wallet (owned by a whale) deposited $5 million USDC into the Hyperliquid trading platform to purchase HYPE and has already bought 59,239 HYPE tokens worth $2.39 million. Further data tracked two days ago, on April 8, identified that another whale deposited $7.86 million USDC into Hyperliquid to buy 200,042 HYPE tokens at an average price of $39.3 during that day.

Whales keep buying $HYPE!

A newly created wallet(0x96eb) deposited 5M $USDC into Hyperliquid to buy $HYPE, and has already bought 59,239 $HYPE($2.39M).https://t.co/vn0KEVL8FFhttps://t.co/rs1Epp4OoN pic.twitter.com/mHdQqVvvvH

The recent buying activity above indicates that the Hyperliquid token is making big moves. HYPE currently trades at $40.25, up 3.4% over the past 24 hours. Its price has also been up 12.1% and 16.7% over the past seven days and month, respectively, with the market analyst pointing out that larger investors, popularly recognized as whales, are behind this surge.

The above accumulation trend shows robust belief in the crypto asset’s future, as big wallet holders typically have significant influence on price movements. Whale investors appear convinced that Hyperliquid is prepared for further price gains. Their purchasing activity suggests that they are confident that the price will continue its rebound and break above resistance levels. As whales continue to accumulate, this strengthens the bullish sentiment, helping to drive potential market rallies soon.

The weekly chart shows that HYPE is forming a cup-and-handle pattern, a traditional technical formation that signals an upward trend pushed by the ongoing accumulation period. The cup-and-handle structure is a strong signal of the accumulation phase and preparation of an upcoming breakout, as large accumulations indicate massive capital inflows in the Hyperliquid market, decreasing supply sharply on centralized exchanges, and laying the foundation for a bullish trend.  

Accumulation by whale investors normally leads to price increases, particularly when supply on exchanges drains significantly. This period indicates a massive rise in demand from whales amidst renewed market enthusiasm. Active purchasing activity decreases selling pressure, helping the price to surge sustainably despite market volatility.

Technical analysis shows that the $36.22-$38.80 zone functions as the support where HYPE price has consistently found demand (buying activity). The continuing accumulation indicates that the asset is ready to break out above the $45 resistance level in the coming days, which is set to open the path toward $48–$55 thereafter.

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