A major institutional whale has made a notable move in the crypto markets, purchasing 215,056 HYPE on Saturday, February 28, worth approximately $6.06 million, via an OTC transaction through Galaxy Digital.
The crypto analyst Onchain Lens highlighted that this acquisition highlights growing institutional interest in HYPE and demonstrates a strategic, deliberate approach to accumulating the token without impacting public exchange prices.
Source: Onchain Lens X Post
Over the past 18 days, the wallet has steadily accumulated HYPE, now holding 540,337 tokens valued at around $14.86 million.
Onchain Lens notes that such concentrated buying often signals confidence in the asset, potentially influencing market sentiment.
As whales continue to accumulate, traders are monitoring these movements closely, seeking clues for future price trends and market dynamics.
Also Read: HYPE Breaks Out of Falling Wedge, Signals Bullish Reversal Toward $38
HYPE Technicals Show Easing Downward Pressure
According to TradingView, as of Saturday, February 28, HYPE remains structurally weak following the sharp sell-off. The bounce was a lower high near the clustered moving averages, and the price is now trading below the majority of the averages.
The compression and slight slope of the averages indicate indecision, and the repeated rejections on the price bounces show the selling pressure on the resistance and the momentum remaining fragile in the near term.
Source: TradingView
Volatility increased during the decline, then decreased during the rebound as Bollinger Bands constricted. The price is consolidating in the lower half of the bands, indicating a lack of conviction until the price breaks back into the middle band.
Support is found near the recent mid-26s lows, with a series of resistances in the $28.2-$29 range above the moving averages.
Momentum Indicators Point To Improving Conditions
The RSI (14) is at 46, which is below the 50-point midpoint. It has recently started falling as it was unable to sustain itself above its moving averages near the 50-point level.
It is still well above the 30-point oversold region, indicating that there are buyers, but they are not overwhelming.
Source: TradingView
The MACD (12, 26, 9) is below the zero line, and the MACD is below the signal line, indicating the continuation of the bearish momentum. The histogram is also negative, indicating that the downward pressure is still present.
However, the histogram is small, indicating that the momentum is not accelerating aggressively but is moderate in nature.
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