HYPE Price Plunges 6% Amidst $3.3 Million Outflows: Analyzing the Market Response

Hyperliquid’s HYPE token saw a notable price drop of 6%, falling to around $46, amidst $3.3 million in outflows on October 7th. This event has sparked debates within trading circles regarding potential market trends. 118,989 HYPE were acquired by a major whale with $5.5 million USDC at the price point of $46.3, suggesting strategic accumulation. Market participants are closely watching price support levels around $44-$49, while analysts anticipate a potential decline towards $39-$40 if prices drop below this threshold, according to CoinGecko’s technical analysis.