Hyperliquid Strategies Starts HYPE Token Staking
Hyperliquid Strategies Inc. (PURR), a Nasdaq-listed company, recently began staking HYPE tokens. PURR was formed from the merger of Sonnet BioTherapeutics Holdings and Rorschach I LLC. The firm holds 12 million HYPE tokens, about 1.2% of the total supply, and $300 million in cash.
On Wednesday, these 12 million HYPE tokens moved from HyperEVM to Hypercore via 32 wallets, showing the company’s full holdings. PURR also staked 425,000 HYPE tokens on the Anchorage node run by Figment. This move signals growing confidence in the token.
HYPE Faces Resistance Near $35
As of Thursday, Hyperliquid (HYPE) trades at $34.65. It dropped from an intraday high of $36.17. The token faces strong resistance near $35.51, marked by a trendline connecting highs from October 30 and November 18.
The Relative Strength Index (RSI) stands at 46, indicating a neutral but improving market sentiment. It shows a bullish divergence from lows recorded between November 22 and December 1. This suggests rising buying pressure.
Meanwhile, the Moving Average Convergence Divergence (MACD) rose after crossing above its signal line on Wednesday. This crossover brought new bullish momentum to the token.
Potential Price Moves and Risks for HYPE
- If HYPE closes above $35.51, it could target $40.00 next.
- A possible “Death Cross” pattern may form if the 50-day and 200-day EMAs cross downward. This would signal a bearish trend.
- If HYPE reverses from the resistance, it may retest the December 1 low at $29.15.
