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Hyperliquid (HYPE) was holding steady above the $39 level. The broader cryptocurrency market rebounded by approximately 1.75% over the past 24 hours. However, the market was still relatively low compared to the levels attained this year.
Hyperliquid led all other buyback programs in the crypto sector, in addition to its new acquisition in its reserve. Other notable elements were the increasing whale and top-holder activity. This could influence the slight price stabilization.
These metrics can help assess the likelihood of a HYPE price reversal. Many top cryptocurrencies are already showing early signs of a shift.
Hyperliquid Leads Buyback Program
Hyperliquid Assistant Fund led all other buyback programs in the cryptocurrency sector, with approximately $916 million in assets under management. It was 6x the value of Pumpfun (PUMP).
Other cryptocurrencies that debuted in this list were AsterDEX (ASTER), Aave Protocol (AAVE), and BONK, listed in order.
The buyback program boosted total holdings to $34.7 million. This includes $2.8 million in HYPE added in the last 24 hours. These total holdings accounted for approximately 10% of the circulating supply and 3.47% of the total HYPE supply.
The program could have a positive impact on the price of Hyperliquid as it controls the circulating supply in the market. Only when increasing demand follows a reduction in circulating supply does it lead to higher prices.
Whales’ and Top Holder Activity Intensifies
The activities of whales and top holders, especially institutions, heightened the odds of a possible HYPE price reversal. For instance, a whale who made $14 million with a trade on HYPE added $25 million in USDC. They used $10 million to buy Hyperliquid.
When writing, the whale had already purchased 92,174 HYPE valued at about $3.66 million. Another whale spent about $11 million to acquire 285,821 HYPE at an average cost of $39. However, the trader left approximately $2.79 million unallocated, which could be used to add to the position.
That was not the end, as another whale used $9.85 million to bet on 249,273 HYPE, averaging $39.54 per token. Still, there was a chance to pour another $703,000, as it was left in reserve. All these whales were trading in the red region, but the buying was a hint to what was about to come.
In addition, institutions were accelerating their HYPE acquisition. According to data from Whale Insider, Paradigm has cemented its position among the top holders of HYPE.
They held a total of 19,141,655 HYPE tokens, valued at $763 million, which were distributed across 19 addresses. Combining all these suggested a potential reversal was on its way, but what was the price action?
Hyperliquid Crypto Price Reaction: Is a Reversal Ready?
On the charts, the HYPE price was holding above the $39 zone. That was within the fair value gap (FVG) created by the move from $35 to $48. For a reversal to happen, the Hyperliquid price was required to sustain itself above this zone.
In the event of a reversal, the closest targets were $50 and $60, which represented its peak valuation. Otherwise, the HYPE price could revisit the levels at $35 or below. However, breaching $35 would invalidate the short-term price reversal as the drop would be extended.
HYPE price displayed key factors that could lead to a price reversal if today’s momentum in the markets is sustained. Whales, top holders, and their buyback program supported this potential, though it was yet to be clear.
