Hyperliquid's price has been caught in a downtrend since failing to break $72 three weeks ago. Attempts to rally have stumbled, showing persistent selling pressure from large holders.
Currently trading near $54 and slightly up on the day, the altcoin still posts a weekly drop exceeding 7%. This slump ties closely to intensified selling by whales, which has shaken traders.
One major investor recently unstaked 1.02 million HYPE tokens worth about $57.6 million, moving them onto FalconX and Coinbase Prime exchanges. This stash, originally bought at around $18 each 17 months ago, held over $39 million in unrealized gains before this shift.
That whale didn’t stop there a further 1.89 million HYPE, valued at nearly $106 million, was also unstaked from a different wallet but not yet sent to any exchange. This move fuels speculation of portfolio reshuffling or bearish sentiment, though unstaking doesn’t necessarily mean immediate selling.
Such activity isn’t isolated: pending withdrawals have surged from just over 4 million HYPE a week ago to more than 9 million today, doubling in value to nearly $500 million. Total staked tokens decreased, indicating some long-term backers might be trimming exposure.
While unstaking leaves uncertainty about intent, technical indicators paint a bleak picture. The Aroon Down indicator reached 92%, suggesting downward momentum dominates as the coin hits more lows. The Relative Strength Index also dived into bearish zones, underlining the weakening trend.
This cluster of signs points toward further price erosion, with $52 emerging as a potential next support level. The stakes are high for investors watching whale moves closely and assessing risks in a market sensitive to large token shifts.
This article is for informational purposes and not investment advice.
