Hyperliquid (HYPE) is drawing bullish attention as traders anticipate a breakout above key resistance levels. Strong ecosystem fundamentals and a significant whale withdrawal from Coinbase are contributing to the cautious optimism among market participants.

At the time of writing, HYPE is trading at $54.92, with a 24-hour trading volume of $196.43 million and a market capitalization of $13.88 billion. While the price has shown signs of stability over the past 24 hours, the token's price structure and recent whale activity suggest the potential for a bullish reversal.

HYPE Targets New Highs Above $65 Resistance

According to crypto analyst Zoe, HYPE is attracting bullish interest as traders identify its current price region as a potential accumulation zone. The token previously rallied sharply after defending a similar support area, ultimately reaching an all-time high. This historical pattern has prompted investors to monitor for another breakout as buyers attempt to build stronger momentum around key technical levels.

The $65 level remains a critical threshold. A decisive breakout above this level would reinforce the bullish setup for the token. Beyond technical factors, the Hyperliquid platform has reported strong earnings, robust trading volume, and consistent token buybacks. Hyperliquid operates as a decentralized perpetual futures exchange on its own Layer 1 blockchain, positioning it within a growing segment of DeFi protocols that generate real protocol revenue from trading fees. The buyback mechanism ties this revenue directly to token demand, a model that has drawn comparisons to other revenue-sharing structures in the sector. If these trends continue, analysts suggest the $100 price target could come into play.

Whale Withdraws $10.69M from Coinbase

On-chain data from Onchain Lens revealed that a newly created wallet withdrew 197,360 HYPE tokens, valued at approximately $10.69 million, from Coinbase. The withdrawal occurred within the last hour and represents a substantial transfer of tokens from a centralized exchange.

The move has attracted attention from traders speculating whether it signals whale accumulation. Large exchange withdrawals typically reduce available liquidity on the platform, as tokens are transferred to cold storage or private wallets. However, a single transaction does not necessarily indicate bullish intent, as the wallet holder could distribute the tokens to other parties or deploy them in DeFi protocols. Market participants will be monitoring the wallet's subsequent activity for further signals.

Market Outlook

Despite the bullish price predictions and whale activity, HYPE's price continues to move in a relatively neutral direction. However, the broader cryptocurrency market trend is improving, and the token could witness a breakout if current conditions persist.

Traders are watching for a clear breakout above the $65 resistance level accompanied by increasing volume, with additional whale accumulation potentially reinforcing positive sentiment. A successful breach of this resistance could pave the way toward the $100 mark. Conversely, a rejection near $65 could result in a price retracement.