Hyperliquid Whales Turn Bearish as Price Trends Upward

Hyperliquid's price has been on a steady rise, closing at higher lows since rebounding from the $34 level days ago. The altcoin touched a local high of $37.3 and flipped its 9-day moving average, indicating strengthening momentum.

Whales have remained relatively active despite market weakness and volatility, but their sentiment has turned bearish. Over 48% of whale wallets are currently holding at a loss, while only 51% are in profit.

The Cohort Bais metric showed that whales have been either slightly bullish or slightly bearish since March, with some investors locking in gains or capitulating to avoid further losses. One notable example is Loracle.hl, who has been aggressively dumping HYPE over the past four days, selling 450,000 tokens for $15.012 million.

Exchange activity has echoed this selling pressure, with Hyperliquid Spot Netflow remaining positive for two consecutive days. However, despite whale selling, the market has shown strengthening upside, and the altcoin's Stochastic RSI formed a bearish crossover but climbed from 3 to 33, indicating a rising presence of buyers.

The MA Cross also validated this strength with the altcoin flipping the 9-DMA, suggesting that the trend's continuation is likely regardless of whale activity. If the upside momentum holds, HYPE could target its immediate resistance at $40, but if whales pressure the market and cause a shift in sentiment, it will breach the $36 support and fall to $34.