Whale Activity and Revenue Boom: Is Hyperliquid ($HYPE) Setting Up for a Breakout?

Hyperliquid $HYPE forms a possible Head and Shoulders pattern with neckline support at $35.4, signaling a crucial market decision point.

Elliott Wave analysis shows a potential fifth-wave rise toward $54.65–$59.03 if support holds above $39.7, confirming bullish continuation.

Whale trading activity increases near $35–$40 as app revenue grows from $10 million to $114 million by October 2025, indicating strong growth.

Hyperliquid $HYPE technical patterns are suggesting a critical point in its market structure. Analysis indicates both bearish and bullish setups, which is creating a diverse outlook among participants.

Head and Shoulders Bearish Pressure

A recent chart shared by market analyst Ali_charts suggests that Hyperliquid $HYPE may be developing a classic Head and Shoulders pattern on the daily timeframe.The neckline support stands near $35.4, marking a decisive level for trend confirmation.

The token is trading near the 0.618 Fibonacci retracement level at $42.91, showing signs that selling pressure is increased.Such a scenario would imply market stabilization and renewed buyer activity near key support zones.

Elliott Wave Structure Signals Possible Bullish Continuation

Elliott Wave interpretation pointing to a possible bullish continuation. According to analysis by Crypto Gems, Hyperliquid has completed a five-wave impulse sequence, now transitioning from Wave 4 to Wave 5. The corrective phase retraced near the 0.618 Fibonacci zone ($40–$41), a typical setup before another upward move.

The Wave 5 target area is projected between $54.65 and $59.03, representing the next resistance range. The pink zone, marking the $39.75–$38.45 area, serves as the invalidation level for the bullish outlook. Traders monitoring this setup view support above $39.7 as critical to maintain structure integrity.

Earlier signals, such as a Change of Character (ChoCH) around $35 and a Break of Structure (BOS) confirming upward momentum, strengthen the possibility of continued appreciation if market conditions hold.

Whale Accumulation and Revenue Growth

Data from CryptoQuant reveals a clear shift in Hyperliquid’s futures market behavior. From April through September, trading activity showed consistent growth in smaller order sizes, corresponding with rising prices near $55–$60. By October, however, a surge in whale-level orders emerged as prices declined toward $40–$35, suggesting large players might be accumulating positions during market weakness.

Such accumulation patterns often indicate strategic positioning by institutional traders preparing for potential reversals.The market’s next move depends heavily on how price interacts with the $35–$40 zone.

Meanwhile, Hyperliquid’s monthly app revenue data shows a steady upward growth accelerated sharply from $10 million in early 2025 to over $120 million by August, before a minor dip and recovery. This trend reflects expanding user engagement.

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