Hyperliquid Faces Volatility as Whales Shift Positions: Will HYPE Hold $35?

• Whale activity drives HYPE volatility, creating uncertainty around short-term price movements.

• Accumulation trends remain strong, with investors moving $11.7 million HYPE off exchanges.

• Key support at $33.48–$35.19 may determine whether HYPE rebounds or drops further.

Hyperliquid — HYPE, had been enjoying a strong run, climbing steadily in the days leading up to its recent pullback. At press time, the token traded near $35, leaving investors on edge. Whale activity seems to be driving the recent choppiness, creating uncertainty around whether support can hold. Traders and analysts alike are watching closely as large holders rotate, and market participants try to gauge whether HYPE can maintain its footing or face deeper declines.

HYPE holds steady at $39.32 (+3%) as bulls stay in control. 📊 Inverse H&S hints at breakout, but $40.30 is key. 🔑 Support: $36–$38 | Resistance: $43.70 → $50 Volume dips, OI rises, bullish bias remains 🚀 #HYPE #Cryptohttps://t.co/68CJopNqr1

— TWJ News (@TronWeekly) March 29, 2026

Whale Flows Stir Market Tension

Recent on-chain data paints a picture of a market divided. Roughly 488,599 HYPE, valued around $17.18 million, moved from FalconX to a newly created wallet. Such transfers often suggest a longer-term holding plan and reduce immediate sell pressure. In isolation, this move looks bullish.However, the bullish signal came right after a substantial sell-off of about 450,000 HYPE, worth $15.52 million.

The proximity of these transactions highlights indecision among large holders. Traders often follow whale movements, amplifying short-term volatility as liquidity shifts quickly between buying and selling pressure. Despite the back-and-forth, accumulation trends appear intact. Spot Exchange Netflow shows around $11.7 million worth of HYPE exited centralized exchanges over three days.

This movement points to growing investor preference for holding rather than selling. The Accumulation/Distribution indicator confirms steady, albeit modest, buying pressure, suggesting confidence may be rebuilding. Total traded volume has reached roughly 5 million HYPE, reflecting market absorption of recent swings.

Support Levels Will Determine Next Moves

Technically, HYPE has entered a key support zone between $33.48 and $35.19. The token has staged a minor rebound here, offering hope for renewed upward momentum. Holding this range could provide a foundation for another push higher.

Failure to maintain this support would expose lower zones at $29.77–$31.10, followed by $26.10–$28.10, and finally $21.63–$23.43. Whether HYPE sustains its footing or extends its decline depends largely on ongoing accumulation versus persistent whale-driven volatility. Investors will need to track on-chain flows closely to anticipate next moves.

The coming days may define HYPE’s short-term trajectory. Whale behavior remains a key factor shaping the token’s direction. Support at $35 could stabilize momentum, while further sell-offs may push the price lower. For now, traders should monitor accumulation trends and technical zones to gauge market confidence.

HYPE has shown resilience despite recent turbulence. Whale activity introduces unpredictability, but steady accumulation offers hope. The $35 support zone remains crucial for the next move. Market participants must weigh short-term volatility against long-term confidence.