The Hyperliquid (HYPE) token staged a significant rebound on January 24, 2026, surging over 11% in 24 hours to trade around $23. This rally follows a week of steep declines and marks one of the clearest upside attempts since the token entered a broader corrective phase. The price action has stabilized above recent short-term support levels, with the token now compressing near a multi-week descending channel resistance of $24.
On-chain data reveals renewed whale activity, suggesting capital rotation rather than outright exit. A notable transaction tracked by Lookonchain showed a whale (0xffe6) unstaking 665,035 HYPE (valued at approximately $14.23 million) and depositing it into Bybit. The whale subsequently withdrew the tokens to another wallet (0x471b) and sold them for 14.14 million USDC at an average price of $21.27. Analysts interpret this as profit realization into improving liquidity, a behavior often seen during market transitions from decline to stabilization.
Simultaneously, other large wallets have been observed accumulating HYPE, aligning with the protocol's yield-focused mechanics. This indicates strategic capital is increasingly viewing HYPE as a productive asset.
Derivatives market data supports the momentum shift. Open Interest (OI) for HYPE surged over 18% to $1.82 billion, accompanied by a 24% increase in trading volume. Technical indicators are also turning bullish: the Stochastic RSI is rising from oversold levels, and the Accumulation/Distribution line is trending upward, suggesting capital is flowing back into the token.
The broader cryptocurrency market provided a mixed backdrop. Bitcoin (BTC) remained subdued below the $90,000 level, experiencing volatility linked to geopolitical tensions between the US and the EU. The total crypto market cap defended the $3.1 trillion level. While Ethereum (ETH) struggled below $3,000, other altcoins like XMR, CC, and WLFI also posted gains.
Analysts note that a clean breakout above the $24 resistance could signal a structural shift for HYPE, potentially opening a path toward $30 and $40 in the near term. Failure to break out may lead to further consolidation within the existing channel.
