Hyperliquid price bounced from $28 support as large buyers stepped in and tightened circulating supply.
Hyperliquid was trading at $30.29 at press time, up 4% in the last 24 hours after defending the $28 support zone. The token has moved within a 7-day range of $28.50 to $36.40, and while it is still down 10% over the past week, it remains up 24% in the last 30 days and 31% year-over-year.
Spot activity has picked up. Hyperliquid (HYPE) recorded $323 million in 24-hour trading volume, a 9% increase from the previous day. Derivatives data from CoinGlass shows total volume at $1.63 billion, up 5%, while open interest rose 3% to $1.39 billion.
Rising open interest alongside price stabilization typically signals fresh positioning rather than just short covering.
Large buyers have been stepping in around key support levels. On Feb. 12, Onchain Lens reported that Arthur Hayes bought another 20,274 HYPE tokens worth about $603,000. This brings his total holdings to 189,195 HYPE, valued at roughly $5.79 million.
Hayes has been openly supportive of Hyperliquid. He previously described a long-term scenario in which the annual growth in exchange fees from $1.2 billion to $258 billion could propel a 126x increase in the token.
He has also re-allocated funds from PENDLE, ENA, and LDO into HYPE, and placed a $100,000 bet that HYPE will outperform altcoins with market caps above $1 billion through July 2026.
In addition, another large investor flagged by Onchain Lens transferred $3 million in USDC to Hyperliquid and set spot buy orders between $28 and $22, reinforcing the lower demand band.
Institutional-style accumulation is also visible. Nasdaq-listed Hyperliquid Strategies disclosed buying 5 million HYPE for $129.5 million at an average of $25.90, lifting total holdings to 17.6 million HYPE, while retaining $125 million in cash. Staking among Hyperliquid whales further reduces the liquid supply.
An attempted breakdown below $28 resembled a bear trap. Price briefly slipped under the 50-day moving average but quickly reclaimed it. HYPE now trades near the 50DMA at roughly $30.40.
Bollinger Bands show prior volatility expansion during the $23 to $35 rally, followed by compression. The upper band sits near $37, while the lower band is rising toward $23-$24. Holding above the middle of the range supports the case for further upside.
The relative strength index has cooled off from near 70 to around 52 and is still holding above the 50 level. That’s typically seen as healthy consolidation rather than a sign of weakness.
If HYPE stays above $28 and pushes back through $32, a move above $35 could pave the way toward the $37-$40 zone. On the downside, a daily close below $27, especially if accompanied by rising selling volume, would weaken the bullish outlook.
