Weekly Chart Highlights: CRO, SOL, KCS, HYPE, and IP tokens showing signs of recovery

In a significant move, a mysterious Bitcoin whale, known only as a "whale," sold a staggering 24,000 BTC last week, worth approximately $2.7 billion. Despite this massive sale, the whale still holds over 152,000 BTC, valued at over $17 billion.

This sale has raised concerns about potential further selling pressure in the coming week, as more Bitcoin is reportedly flowing into exchange platforms. The whale has also been observed moving funds from the same wallet, with a transfer of 10,000 BTC marked on-chain, and 2,000 BTC directed to an exchange.

Meanwhile, derivatives data indicate a likely correction in the market, with additional deleveraging possible before tokens begin their recovery. Coinglass data shows that the crypto market faced over $540 million in liquidations, with a majority of long positions paying for shorts.

For the Story Protocol's IP token, derivatives data suggest a potential correction to $5.30, the nearest support level. If the daily candlestick closes under $5.30, IP's price could drop to $4. The technical indicators on the daily timeframe support a bearish thesis for IP.

However, HYPE's daily price chart shows an underlying positive momentum in its upward trend. If this momentum changes to positive, HYPE may re-test resistance at $51.189. The next key resistance for IP is $9, marked as R2 on the daily price chart.

Hyperliquid's HYPE token may also re-test resistance at $51.189. Interestingly, HYPE could sweep support at $42 or $35, the two major support levels for the token. If IP's underlying momentum changes to positive, it could face resistance at $7.50.

The open interest has taken a hit, down to $200 billion, marking a 3% decline within a 24-hour timeframe. This decline suggests a potential reduction in market leverage, which could contribute to the market's correction.

In conclusion, the Bitcoin whale's sale of over $2.7 billion worth of Bitcoin has sparked concerns about further selling pressure. Derivatives data indicate a likely correction in the market, with HYPE and IP potentially facing corrections and resistance levels in the near future. However, the underlying momentum in HYPE's upward trend and the potential for a change in IP's momentum to positive could provide some optimism for investors.

Weekly Chart Highlights: CRO, SOL, KCS, HYPE, and IP tokens showing signs of recovery