Hyperliquid (HYPE) Price Shows Early Signs of Stabilization
Hyperliquid (HYPE) price is stabilizing near $40 after a sharp drop earlier this week. On-chain and derivatives data show better market conditions. Whale activity is increasing, and funding rates are turning positive. These signs indicate growing confidence among big holders. Technical analysis suggests a possible rebound aiming for $51.15.
On-Chain and Derivatives Data Point to Recovery
Data from CryptoQuant supports a positive outlook. Large whale orders dominate spot and futures markets while retail activity declines. This shift hints at a potential recovery.
Derivatives data further back the recovery case. Coinglass’s OI-Weighted Funding Rate shows more traders expect HYPE’s price to rise than fall. The funding rate turned positive, reaching 0.0090% on Wednesday. This means longs are paying shorts. Historically, positive funding rates often lead to a sharp price rally for Hyperliquid.
HYPE Price Forecast: Key Support Level Holds
HYPE met resistance near $51.15 on October 30. It then fell 19% over six days to test support around $36.51 on Tuesday. This support aligns with the 200-day EMA at $38.69 and a former descending trendline, making it important.
On Wednesday, HYPE trades just above $40. If the price recovery continues, it may move back toward $51.15.
The Relative Strength Index (RSI) is 45 on the daily chart and moving up toward 50. This shows bearish pressure is easing. For the rally to last, the RSI needs to rise above 50.
If HYPE falls below $36.51, the next support is near $30.92.
