HYPE price is drawing renewed attention after an early holder's profit surpassed $23 million, a development that has stoked concern over potential selling pressure and clouded the token's near-term recovery prospects. HYPE is the native token of Hyperliquid, a perpetual futures trading platform — a backdrop that explains why derivatives data features so heavily in the analysis below.

As of press time, HYPE is trading near $83.80, based on the 4-hour TradingView chart cited in the analysis. The latest candle has gained roughly 0.50%, yet the token remains well below its recent peak around $94-$95.

What's Keeping HYPE Price Under Pressure?

The whale's moves are the primary driver behind the market's latest focus. According to Lookonchain, a whale who bought 257,928 HYPE for approximately $902,000 — around $3.50 per token — roughly two years ago has generated more than $23 million in profit.

“Total profit: over $23M, with a 26x return.”

Over the past week, the wallet deposited 131,421 HYPE, valued at roughly $11.77 million, to Kraken at an average price of $89.56. The address still holds another 140,506 HYPE worth approximately $12.2 million.

Exchange deposits draw scrutiny because tokens held on an exchange can be traded at any moment, which is why on-chain trackers like Lookonchain treat large transfers to centralized venues as a gauge of potential supply overhang.

The transfer does not confirm that all the deposited tokens have been sold, but further exchange deposits could deepen concerns about potential selling pressure. For HYPE holders, the central question is whether the whale continues sending tokens to Kraken or begins reducing the remaining position.

A whale who bought 257,928 $YPE ($902K at the time) at only $3.5 ~2 years ago is selling $HYPE for profit. Over the past week, he deposited 131,421 $HYPE ($11.77M) into #Kraken at $89.56 and still holds 140,506 $HYPE ($12.2M). Total profit: over $23M, with a 26x return.… pic.twitter.com/9JsRbrBuhP — Lookonchain (@lookonchain) October 8, 2026

What Is the HYPE Price Chart Indicating?

The 4-hour TradingView chart reveals a distinct pullback from the $94-$95 zone. HYPE has moved lower through several short-term levels and recently reached the $83-$84 range, where buyers have attempted to halt the decline.

Holding firmly above this area could allow buyers to target $88. Beyond that, the chart shows potential resistance around $90-$92, while the previous high near $94-$95 remains a larger hurdle.

HYPE Price RSI Points to Oversold Conditions

The Relative Strength Index (RSI) offers one of the clearest indications that the recent decline may have become overextended. The indicator gauges the speed and magnitude of recent price changes on a 0-100 scale. The 14-period RSI reads 28.33, below the traditional 30 oversold threshold, while its average stands near 40.47. This suggests selling pressure has pushed HYPE into oversold territory.

That does not guarantee a reversal, though. If the RSI remains below 30 and the price struggles to recover, sellers could retain control.

Can a MACD Rebound Help HYPE Price Recover?

The MACD also continues to signal bearish momentum. According to the provided chart, the MACD line stands near -1.58, below the signal line at approximately -0.69, while the histogram reads around -0.89. This configuration suggests downside momentum remains active.

For a more convincing recovery signal, traders would need to see the MACD move toward the signal line alongside a sustained break above the $88 resistance zone.

What Does CoinGlass Data Say About HYPE Price?

CoinGlass data shows Hyperliquid open interest remaining above $3 billion, indicating substantial derivatives exposure despite the recent price decline. The volume chart also shows considerable trading activity, with recent daily volumes reaching several billion dollars. Meanwhile, the liquidation chart displays repeated spikes in both long and short liquidations, highlighting the volatility surrounding HYPE's perpetual futures market.

Because perpetual futures carry leverage, that two-sided liquidation activity can amplify price swings in either direction.

This makes the $83-$84 zone important. A rebound from this area could encourage traders to rebuild bullish positions, while a breakdown could trigger further liquidations and increase downward pressure.

Will Whale Activity Determine the Next HYPE Price Move?

The technical outlook remains cautious, although the oversold RSI leaves room for a potential rebound. The whale's profit of more than $23 million and the Kraken deposit introduce further uncertainty, particularly if additional HYPE moves to exchanges.

The concrete data points to track are whether the whale's remaining 140,506 HYPE moves onto an exchange, whether the RSI climbs back above 30, and whether open interest holds above the $3 billion mark.

For now, $83-$84 is the key support zone, while $88 is the first significant recovery hurdle. Traders will likely monitor price action and further whale transfers to determine whether HYPE can regain momentum or extend its decline.

This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.