HYPE is poised for a potential price recovery as whales and institutions show strong interest, while growing revenue and token burns further support its bullish outlook.
The bullish sentiment around Hyperliquid (HYPE) is intensifying, as whales and institutions continue to show strong interest in the asset. Not only that, but the protocol’s growing revenue is further supporting this outlook, hinting at a potential HYPE price recovery ahead.
A crypto transaction tracker, Lookonchain, recently disclosed that a whale who previously sold $10.79 million worth of HYPE at $93.84 has now bought back $3.56 million worth of tokens at $89. This buyback by the crypto whale suggests renewed confidence in the asset’s price potential.
Not only that, but a Grayscale ETF client also bought $4.96 million worth of HYPE, as reported by Whale Insider on X. This acquisition suggests that institutional exposure to HYPE continues to grow, which is a bullish signal for Hyperliquid.
Both of these acquisitions were recorded after Paxos’ crypto brokerage began supporting HYPE. The report from Paxos stated that HYPE is available to partners on the regulated infrastructure that leading brokerages and fintechs already use for crypto trading.
In addition to these bullish developments, another factor that is currently supporting HYPE’s bullish outlook is Hyperliquid’s growing revenue and token burns.
Recently, a well-followed X profile named HYPERDailyTK shared a post revealing that Hyperliquid secured the top spot among protocols by holder revenue over the last 30 days, with a staggering $55.4 million. The post further noted that this revenue is more than double that of the next-closest competitor, putting industry giants like Uniswap and Ethereum well behind.
Meanwhile, Onchain Lens reported that over the past 24 hours, Hyperliquid has bought and burned 20,210 HYPE worth $1.80 million. In fact, with this burn, the protocol’s lifetime total burned has reached 49.09 million HYPE, worth $4.29 billion, equivalent to 4.91% of the maximum supply.
This strong protocol revenue and consistent HYPE token burns together strengthen HYPE’s bullish case.
Growing revenue highlights rising protocol activity, while token burns reduce the circulating supply, which could lower selling pressure.
The impact of all these developments is evident in the HYPE price, as it climbed 2.05% over the past 24 hours and trades at $90.10, near the key resistance level of $90.90.
Alongside the price, the asset’s trading volume soared 20.60% to $2.95 billion during the same period, indicating heightened participation from market participants.
This surge in trading volume amid price recovery suggests that traders and investors are potentially interested in HYPE’s upward momentum.
Looking at TradingView’s daily chart, HYPE appears to be facing a key resistance level at $90.90, which the asset has attempted to break multiple times but failed to breach. The price is now facing selling pressure again.
Based on the current price action, if the HYPE price breaks above the $90.90 level, it could open the door for further upside. However, if sentiment turns bearish and the HYPE price falls below the $84.50 level, it could see further downside and potentially fall toward the key support level of $76.
At press, the HYPE price trades above the 200-day Exponential Moving Average (EMA), indicating that the broader trend remains bullish and that buyers continue to hold a bullish outlook.
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