Hyperliquid Surges Past Solana in Weekly Fees

Hyperliquid, a decentralized perpetual futures trading platform, has recently surpassed Solana in weekly fees, a significant milestone achieved just a few months after its launch. According to DefiLlama's data from February 28, Hyperliquid (HYPE) generated $12.61 million in fees over the last week, outpacing Solana's (SOL) $11.8 million. This accomplishment is particularly notable given that Solana's total value locked (TVL) is ten times greater than Hyperliquid's, at $7.1 billion compared to $669 million. Hyperliquid's TVL has experienced a remarkable increase of 294% since December and 55% since January.

Hyperliquid's success can be attributed to its decentralized finance-native trading features, which include a fully on-chain order book, zero gas fees, and up to 50x leverage on assets such as BTC, ETH, and SOL. This focus on trading efficiency sets Hyperliquid apart from Solana, which, while supporting a variety of decentralized applications, is not specifically designed for DeFi.

As of now, HYPE's price stands at $20.194. The Exponential Moving Average (EMA 9) indicates a slight bearish trend, with the price hovering around or below the line. The Relative Strength Index (RSI 14) is at 51.21, signaling neutral momentum, but leaning toward weakness. If the RSI drops below 50, further bearish momentum could push the price to $19.50-$19.00. Support remains around $20.00, with resistance at $21.00.

Despite recent price swings, whales remain optimistic about Hyperliquid. On February 26, a whale deposited $5 million in USDC to the platform and bought 73,959 HYPE worth $1.51 million at market prices. The whale also placed limit orders to purchase 183,768 HYPE for $19.04 and $19.05. Another whale is reported to have bought HYPE, currently holding 999,255 HYPE ($20.84 million).

The current open interest for Hyperliquid is $329