After a rapid rise in the early stages, Hyperliquid and HYPE have recently entered a phase of consolidation at high levels. The market's focus is on a large-scale address that continues to buy, which keeps funds attentive to any subsequent breakthroughs. However, judging from the derivatives positions and the continuity of buying orders, the current trend has not yet fully emerged from a one-way upward movement.
In recent days, a total of approximately $63.6 million has been purchased.
The latest purchase shows that this address has increased its holdings by 141,442 HYPE, with an amount of approximately 11.88 million US dollars. In the previous few days, this same address also purchased about 243,178 HYPE, for an amount of around 20.24 million US dollars.
Earlier, from August 25th to 27th, this account purchased a total of over 387,952 HYPE through Hyperliquid, OKX, Bybit, and Gate, for an amount of approximately 31.5 million US dollars.
In total, these three rounds of purchases involved 773,107 HYPE, with a total amount of approximately 63.6 million US dollars. Compared to a single large transfer, continuous additional purchases better reflect the address's increasing exposure to HYPE.
Prices have stabilized around $82 to $84.
HYPE Once rose to near a historical high of around $86.65, it then fell back to fluctuate in the range of $81 to $84. The article mentions that after breaking through the $61.32 level, the price once again surpassed the previous resistance level of $72.46, and subsequently the upward trend accelerated, approaching the previous high area.
Currently, the market regards the area around $86.65 as a key short-term level. If the price can effectively hold above this range, there may be further upside potential; however, if multiple attempts to break through this level fail, the market might return to the vicinity of $72.46 to seek support.
Position holding and buying strength still to be confirmed
Although prices rose rapidly earlier on, the data on open contracts did not expand accordingly. The article states that there are currently about 3.48 million open contracts, and the trend is actually weak. This means that this round of price increases is not entirely driven by new long positions with high leverage; some of the momentum may come from short covering or price corrections after leverage decreased.
At the same time, CVD returned to a level close to zero after a brief strengthening, indicating that there was relatively active buying during the breakout phase. However, during the period of consolidation at high levels, this buying momentum did not continue to increase.
Overall, the continuous buying by large investors has provided support for HYPE, but for the price to further break through above $90, a more definitive signal of increased trading volume is needed. If the buying pressure continues to strengthen and remains above $86.65, $100 will become the next upward target for the market to watch.
