James Wynn received 126,116 HYPE worth $4.23M after a week of waiting, and it seems like he will be back in action soon.
Hyperliquid’s TVL increased 108% in the last month as Perps reached a record monthly trading volume of $248.3 billion in May.
James Wynn, a high-risk trader known for large leveraged bets, withdrew 126,116.33634 Hyperliquid [HYPE]. The withdrawal was initiated on the 26th of May.
He funded his account and used delegates on the 9th and 12th of May to go long on HYPE, investing $3.13 million at an average price of $24.84 per token.
As the price surged to $32.72, Wynn exited with a $1 million profit, marking a 31.9% gain.
However, he also lost $5.6 million in just three days. It remains unclear whether he will stay away or use this setback as an opportunity for new trades.
Wynn may choose to enter the market using a new strategy or wait on the sidelines to examine market changes and fresh developments, as he noted on his X (formerly Twitter)post.
“Its been a fun ride. Approx $4m into $100m and then back down to a total account loss of $17,500,000.”
He added,
“The time has come for me to return to where I came from. The place that helped carve me into the gigantic degenerate I’am today.”
HYPE price prediction analysis
At press time, HYPE traded at $32.875, just above a dip that saw it go below the $31.00 support. The price of HYPE had previously reached a high of $40 before falling.
For HYPE to reclaim $40, it would first need to break past the $35 mini-resistance zone.
A successful flip above this level could invite momentum towards the $38.00 mark, with $40 being the final barrier. Conversely, a rejection from the current range and a break below $31.00 might retest the $28.00 zone or below.
Source: TradingView
Additionally, the MACD showed early signs of bullish crossover, with the histogram printing bullish strength and the MACD line curving upward from –0.205.
However, the signal line remained at –0.427, meaning confirmation for HYPE was still pending.
Momentum might build, but only sustained buying could push the price back above $35 and eventually toward $40.
If buying weakens and price stalls, the sideways motion would possibly persist between $31 and $35. That said, the important tiers to observe are at $31 as the support level and $40 as the major resistance to reclaim.
TVL and DEX volume
Meanwhile, during May, Hyperliquid witnessed great engagements with 108% increments in Total Value Locked (TVL).
The TVL is about $1.46, and the total DEX volume of $248.3 billion. Being the 10th largest chain, it showed that more traders find the Hyperliquid network useful and valuable.
Source: DefiLlama
With $70.45 million in fees generated, platform usage was strong, supporting token interest. If this trend continues, HYPE’s price could keep rising. However, if network activity declines, a market correction may follow.
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