Hyperliquid Generates $1.7 Million Daily Fees, Surpasses Ethereum, Solana

Hyperliquid, a decentralized perpetuals exchange, has achieved a significant milestone by generating $1.7 million in daily fees, surpassing major blockchains such as Ethereum and Solana. This remarkable feat highlights the platform's growing user adoption and intense trading activity. Despite this success, the native token of Hyperliquid, HYPE, remains in a tight consolidation range, trading around $39.53, indicating market indecision.

The platform's fee generation underscores a broader market shift towards performance-based decentralized finance (DeFi) platforms. The surge in fees is accompanied by a nearly 30% spike in 24-hour trading volume, reaching $188.8 million. This high volume-to-market cap ratio of 19.22% suggests deep liquidity for traders, yet it has not translated into a clear price breakout for the HYPE token.

Currently, HYPE is trading in a sideways trend with minor upward bias, showing modest volatility within a confined range. After briefly touching above $40, the token encountered selling pressure, pulling back to the current zone near $39.50. This behavior reflects a phase of short-term profit-taking, with the $40.00–$40.10 range acting as a psychological barrier. On the downside, immediate support lies between $39.09 and $39.15, an area where buyers have stepped in repeatedly. A secondary support zone sits between $39.25 and $39.30, which was a base for recent upward movement. These zones will be critical if the price attempts another move downward.

Conversely, multiple rejections have occurred between $39.75 and $39.85, highlighting early resistance. A clean break above $40.10, especially on rising volume, could lead to a stronger bullish continuation. The 24-hour volume jumped nearly 30% to $188.8 million, signaling increased trader participation. This surge likely reflects rising interest due to high platform engagement and potential speculation surrounding fee generation.

Technical indicators echo the market’s current hesitation. The MACD line and signal line are flat and overlapping, suggesting a lack of directional strength. Additionally, the RSI is neutral at 54.99, indicating no overbought or oversold conditions. These readings confirm a consolidation phase following recent gains. With only 33% of its maximum token supply currently circulating, there remains significant room for future dilution. The fully diluted valuation now stands at a lofty $39.53 billion, sharply higher than its actual market cap of $13.2 billion.