HYPE Token Holds Retail Optimism as Hyperliquid Price Falls 5% in 24 Hours

The Hyperliquid rally, which started because of the crypto market’s bull run, has stopped in the past 24 hours. This rally ended as the crypto market-wide bull run stopped and turned into a market correction. However, the market data analysis shows that the HYPE token investors have kept their positive sentiments. The data also suggests that the whales are not on the same page about their price goal, while retail investors show a more united move. As most retail traders are bullish, they could positively affect the Hyperliquid price.

Is a HYPE Crypto Showdown Brewing Between Whales?

According to the whale market data, two HYPE whales have million-dollar positions against each other. These positions include a $15.54 million bet on the Hyperliquid price increase, meaning they had opened a long position. The other whale opened a short position as he bet $12.80 million on the value decline. The long whale opened the position at $11.93, with liquidation at $3.25. As of now, he has profited 34.59%. On the other hand, the short whale had 22.13% of losses. They opened their position at $12.80 with a liquidation level of $25.95.

HYPE Funding Rate chart, Published on TradingView, April 24, 2025

According to the HYPE Funding Rate Chart, most retail investors believe that the Hyperliquid price will increase. This Chart, in addition to the Funding Rate, also shows the derivative market volume. This helps find out where investors’ sentiment lies. Based on the HYPE derivative contracts data, most retail traders are betting long and believe the price will increase. Another data point is the increase in trading volume by nearly 5.73%, as it reached $274.91 million. Lastly, the Chart shows that since April 20, the HYPE token funding rate has remained positive. 

Are Short Traders Losing Money in HYPE?

There are also other technical indicators that point to a positive trend in the Hyperliquid price action. One such indicator is the open interest, which remains bullish. However, this metric has had a big drop since its peak on February 22, when the market positions were worth nearly $560 million. Another unsurprising statistic is the increase in the liquidation of short positions in the last 24 hours. The short trader for the HYPE token has lost nearly $47,790. On the other hand, long investors only saw a liquidation of $5,530. 

Is HYPE Entering a Bearish Phase After Its $19 Rally?

The current HYPE price action shows that the market is now slowing down after a sharp rally to $19. As of now, the price of the Hyperliquid token has experienced a drop in value and is trading near $18.02. This decline has also been accompanied by a drop in volume, which points toward a decrease in buying pressure. As of now, the market shows signs of indecisiveness, as after a surge, there could be a consolidation phase. There is also a sign of the increasing power of bears, as there are small candles that are pulling the price down by creating lower highs. 

HYPE/USDT daily chart, Published on TradingView, April 24, 2025

Based on the HYPE/USDT daily, the Relative Strength Index is sitting near the 43 point, which points to bearish momentum. The RSI signal line, which is highlighted in yellow, is also going down, which suggests a bearish HYPE price trend. It is worth noting that the RSI is still far from the oversold conditions, so further decline is still possible. The ADX indicator signals that the current price action of the Hyperliquid token lacks any directional strength.  This is because it is showing a 24 score, which is in the low strength zone, under the 25 score.

What Could Trigger the Next Big Move for HYPE Token?

As discussed, the current sentiment of the market is bullish. However, market-wide selling pressure is also present. Because of these naturalizing forces, a strong catalyst will determine the next sharp directional movement for the HYPE token. So, investors should pay more attention to the market and global economic news in the coming days and weeks. 

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