HYPE’s Wild Ride: Why the Bulls Aren’t Ready to Call It Quits Yet! 🐂💥

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  • HYPE has liquidated over $23 million in shorts as traders misjudged its post-ATH trajectory. Oops!
  • On-chain data confirms strong spot accumulation, setting the stage for a deeper squeeze. Hold onto your hats!

So, Hyperliquid [HYPE] decided to throw a party and hit a fresh all-time high, racking up over 80% in monthly gains. That kind of move doesn’t just slip under the radar like a cat burglar in the night.

Predictably, the opportunistic shorts came rushing in, betting on a classic post-ATH cooldown. But surprise! Macroeconomic headwinds flipped the script, unlike those typical blow-off tops that squeeze short-sellers like toothpaste from a tube.

In the last 24 hours alone, $857.8k in longs were liquidated, making up 65% of total wipeouts. It was a clear sign that bullish overextension met a well-timed macro gut check. Talk about a plot twist!

At press time, HYPE traded 9.54% below its peak, with cooling momentum, but far from collapsing. It’s like that one friend who insists they’re fine while clearly wobbling on their feet.

According to AMBCrypto, if spot accumulation resumes, shorts may still end up on the wrong side of a deeper squeeze. Buckle up, folks!

Overheating signals invite tactical short plays

HYPE’s journey from mid-April to now has firmly stamped it as the “altcoin of the season” — and it’s easy to see why. It’s like the prom queen of the crypto world, and everyone wants a piece of the action.

Savvy investors jumped in to accumulate seriously after the price hit an all-time low of $9.28 due to post-Liberation Day macro fears. Who knew a little fear could lead to such a glorious rebound?

Fast-forward 60 days, and HYPE blasted off to $37.60 with clean, steady momentum, which is key here. It’s like watching a toddler learn to walk—adorable and slightly terrifying.

Every time HYPE hit a new local high, short sellers rushed in, betting on a pullback. But the bulls weren’t having any of it. They were like, “Not today, bears!”

The breakout on the 23rd of May was especially brutal for bears, as it wiped out over $23 million in short positions. Ouch! That’s gotta sting.

Yet, AMBCrypto spotted a divergence worth noting. Unlike past bear attempts, this wave coincides with heightened market-wide volatility and an RSI stretched into overbought territory. Classic overheating signals are flashing, hinting that investors may be positioning for a cooldown amid rising pullback anxiety. It’s like a game of chicken, and no one wants to blink first.

That said, the road ahead for Hyperliquid is anything but certain. If bulls can’t absorb this pressure, the shorts might finally seize control. Cue the dramatic music!

Spotlight on HYPE’s resilient bulls

At press time, HYPE was making waves with a solid 5.08% intraday jump from yesterday’s $33.30 close. It’s like watching a phoenix rise from the ashes, but with more spreadsheets.

What’s fueling the move?

A 3.36% dip in Open Interest (OI) down to $1.21 billion, showing traders are actively deleveraging and taking some heat off the derivatives market. Smart move, folks!

More importantly, Futures sell pressure is being met with steady absorption. This lines up with AMBCrypto’s take: spot accumulation hasn’t vanished—it’s just quieter than a library on a Sunday.

Looking ahead, the next key level sits near $35.50. According to CoinGlass, this is where nearly $20 million in leverage could be flushed if HYPE breaks upward again. It’s like waiting for the other shoe to drop, but with more zeros involved.

If demand on-chain keeps its momentum, HYPE might just be gearing up to write a fresh chapter with a new all-time high very soon. Stay tuned, folks! 🎉

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2025-05-24 19:08