The Hyperliquid (HYPE) token has reached a new all-time high due to significant whale purchases. Recent data shows over $24 million accumulated in HYPE within 16 hours.
Whales Accumulate HYPE
In the past 16 hours, major buyers have acquired over $24 million worth of HYPE. According to Lookonchain, the address qianbaidu.eth purchased 260,900 HYPE for $13 million, while wallet 0xe0f0 opened a long position of 136,906 HYPE for $6.9 million. Other wallets, including 0x328B and 0x23fA, added $2.13 million and $2 million to their holdings, respectively.
Technical Analysis Shows Bullish Trend
Chart analysis from Kamran Asghar reveals a supportive price trend that has consistently driven HYPE higher since early August. The price is currently testing resistance at $52, which has been rejected multiple times in the past month. Asghar stated: 'The $52.00 level is resistance after which a good bullish momentum will be seen.' A breakout could pave the way toward $54-56.
Governance Vote on USDH Ticker
The Hyperliquid community is preparing for a governance vote on the USDH ticker on September 14. This vote is aimed at strengthening the platform's native stablecoin strategy and reducing exposure to USDC. If passed, the change could redirect up to $5.5 billion from USDC and generate an estimated $220 million in annual yield for HYPE holders.
The recent whale activity, bullish trends in price charts, and the upcoming governance vote indicate positive prospects for HYPE, which may draw additional attention from investors and traders in the near future.
