A major Hyperliquid (HYPE) investor has injected $2.4 million USDC to defend the cryptocurrency's price at $23.91, amid rising liquidation risks. The whale, identified by Lookonchain, added fresh collateral to a 1.38 million HYPE perpetual long position at 5x leverage, lowering the liquidation price to $23.91. This move aims to stabilize the market, as a forced liquidation could trigger significant sell pressure due to thin liquidity. Despite the defensive efforts, HYPE's price remains under pressure, with technical analysis indicating a potential drop to $20 following a 4-hour triangle breakdown. The $29 level is now a critical resistance point, and a recovery above this could signal a shift in market sentiment. Meanwhile, Hyperliquid's daily fees of $1.71 million suggest potential for buybacks, though liquidation-driven volatility may overshadow these efforts. Traders are closely monitoring the $15-$20 demand zone as a possible support level.