HYPE Token Breaks $59.54 Resistance, Eyes $170 Target Amid Whale Accumulation

Whales are loading up on Hyperliquid’s HYPE token while retail traders turn cautious — a divergence that historically resolves in favor of the big players. On-chain and derivatives data tracked by Alphractal show large traders have been quietly building aggressive leveraged long positions since early May, pushing net-long exposure on HYPE to its most bullish level in eight months. At the same time, retail activity has hit a 12-month bearish extreme as smaller traders increasingly short-sell into the rising trend. That kind of split has often ended with retail forced to cover shorts, driving sharp upside moves. Price and technicals - HYPE was trading around $62.05 at the time of reporting, with 24-hour volume near $830 million and a market cap north of $15 billion. The token dipped about 2% over the past day but retains a bullish technical profile. - Prices are well above the 20-day simple moving average ($47.97) and have pushed above the upper Bollinger Band — a sign of strong momentum but also short-term overextension. - Momentum indicators like the MACD have been trending upward in positive territory, supported by expanding green histogram bars. Bollinger Bands have widened, signaling elevated volatility as the token rallies from February lows. Key breakout and targets Crypto analyst Bitcoin Meraklısı highlighted a pivotal move: HYPE closed a daily candle above the longstanding resistance at $59.54. Analysts viewing the chart as a cup formation say that breakout opens a measured path toward roughly $170 — about a 175% gain from current levels — with the $59.54 area now acting as key support. If HYPE fails to hold that zone, the breakout thesis would come into question. Institutional interest heating up Institutional developments are piling on: Grayscale submitted a third amendment to the SEC for a Hyperliquid ETF filing that would use the ticker GHYP, suggesting growing push toward U.S.-listed products. Payments firm MoonPay also expanded access to USDH and USDC via the Hypercore network, underscoring rising ecosystem adoption. What to watch - Whether $59.54 holds as support — failure would put the breakout at risk. - Short-covering dynamics: if retail sellers are squeezed, expect swift upside moves and volatility. - ETF progress and product launches, which could attract further institutional flows. Bottom line: Large traders appear convinced and have put real leverage behind HYPE. Retail skepticism has set the stage for a potential squeeze, but short-term volatility and the need to sustain the $59.54 support level make this a high-reward, high-risk setup.