Hyperliquid price surges strongly: Golden cross confirmed + whale accumulation, is HYPE about to hit $50?

February 3 News, Hyperliquid (HYPE) performed remarkably this week, with a 7-day increase of over 40%, and a further rise of about 21% in the past 24 hours, with the price reaching a 10-week high of $38. On-chain data shows that whales and mid-sized funds are increasing their holdings simultaneously. Coupled with technical confirmation of bullish signals, the market is beginning to reassess the possibility of returning to last October’s high of around $50.

Tracking data from HyperDash indicates that whales holding between $1 million and $5 million have been continuously buying over the past week. Addresses categorized as “sharks” and “dolphins” with holdings between $50,000 and $500,000 are also showing signs of accumulation. Such behavior is often seen as a mid- to long-term bullish indicator and can influence retail investor sentiment.

Fundamentally, the core team of Hyperliquid recently announced support for HIP 4 proposal, which plans to expand the network into the prediction market space, allowing fully collateralized contract trading that covers real-world event outcomes. This development resonates with the resurgence of interest in prediction markets. Meanwhile, the HIP 3 upgrade has significantly increased network activity, especially in trading related to commodities like gold and silver, further expanding the ecosystem use cases.

The tokenomics also support the price. Hyperliquid allocates 97% of the platform’s net fees to buy back and burn HYPE on the open market, continuously reducing circulating supply. As more users stake tokens to participate in governance and network security, the supply tightening effect becomes more pronounced.

From a technical perspective, the daily chart shows the 20-day moving average crossing above the 50-day moving average, forming a golden cross; MACD remains in an upward trend, and Supertrend also signals a bullish trend. If momentum continues, the 78.6% Fibonacci retracement level at $51 will become an important target. However, if the price falls below the key support zone of $29.6, the bullish structure could be broken. Currently, the bulls and bears are entering a critical phase.