Trader Wynn Nets $1M as HYPE Eyes $40 Breakout
Key Takeaways
- Trader James Wynn made a $1M profit with HYPE, but previously lost $5.6M
- HYPE is currently priced at $32.875 – resistance at $35, target level at $40
- Hyperliquid saw 108% TVL growth in May and $248.3B in DEX volume
- MACD suggests a potential bullish move, but confirmation is still pending
A Whale Pulls Back – What Does This Mean for HYPE?
James Wynn, a well-known trader known for his aggressive leverage, recently withdrew 126,116 HYPE tokens worth approximately $4.23M. He had previously opened long positions in HYPE on May 9 and 12. His average entry price was $24.84 per token. When the price rose to $32.72, he sold for a profit of about $1M – a gain of 31.9%.
However, this wasn’t his full record. Within just three days, Wynn had previously lost $5.6M. Despite the recent profit, it remains unclear whether he is stepping back for good or planning a return with a new strategy. In a post on X (formerly Twitter), he hinted that he is temporarily stepping away from the market.
HYPE Price: Between Consolidation and a New Uptrend
At the time of analysis, the HYPE price stood at $32.875 – just above the critical support at $31. Previously, the token had reached a high of $40. To return to that level, HYPE would first need to break through resistance at $35. A successful breakout could pave the way to $38 and eventually $40.
If the price fails to hold this zone, a drop to $28 or lower is possible. Key levels remain $31 as support and $40 as the major resistance.
Technical Indicators: MACD Shows Early Bullish Signals
The MACD (Moving Average Convergence Divergence) – an indicator used to identify trend changes – is showing early signs of a bullish crossover. The MACD line is rising from –0.205, while the signal line remains at –0.427. The histogram indicates increasing buying pressure. However, confirmation is still pending. Only with sustained buying interest could the price rise above $35.
Hyperliquid: Network Activity at Record Levels
In May, Hyperliquid experienced strong growth. Total Value Locked (TVL) rose by 108% to approximately $1.46B. At the same time, decentralized trading volume (DEX) reached a new high of $248.3B. This places Hyperliquid among the top ten chains in the market.
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The platform generated $70.45M in fees – a sign of intense usage. This activity supports the HYPE token. If interest remains high, the price could continue to rise. However, declining activity could lead to a correction.
Our Assessment
HYPE is currently in an interesting position. Despite short-term profit-taking by large investors like James Wynn, fundamental interest in Hyperliquid remains strong. Rising network data and trading volume suggest healthy platform development.
From a technical perspective, the range between $31 and $35 is crucial. A breakout above $35 could bring new momentum. However, traders should also be aware of the risk of a drop below $31.
Anyone watching or trading HYPE should closely monitor both technical and fundamental developments. The coming days could be pivotal in answering the question: reclaim $40 – or consolidate again?
Sources
- TradingView
- DefiLlama
- X (formerly Twitter) – James Wynn
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