- HYPE stalls near $40 as tight range and flat indicators signal market indecision
- Hyperliquid’s fee surge to $1.7M outpaces Ethereum and Solana, fueling interest
- Volume jumps 30% as traders eye breakout above key $40.10 resistance level
The decentralized perpetuals exchange Hyperliquid is generating more in daily fees than major blockchains like Ethereum and Solana, yet its native token, HYPE, remains locked in a tight consolidation range, creating a puzzle for traders.
The platform generated a staggering $1.7 million in fees in the last 24 hours, a sign of intense trading activity and user adoption. Despite this fundamental success, the HYPE token is struggling to find direction, with its price hovering around $39.53 amid signs of market indecision.
A Fee-Generating Powerhouse
Hyperliquid’s surge in fee generation underscores a growing market shift toward performance-based DeFi platforms. This strong revenue performance is backed by a nearly 30% spike in 24-hour trading volume, which recently hit $188.8 million. The token’s healthy volume-to-market cap ratio of 19.22% indicates there is deep liquidity for traders.
This on-chain success, however, has not translated into a clear price breakout for the HYPE token.
HYPE’s Price Remains Locked in a Tight Range
Currently, HYPE is trading in a sideways trend, with minor upward bias. The price action reveals 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.
Volume, Indicators, and Market Outlook
Hyperliquid’s 24-hour volume jumped nearly 30% to $188.8 million, a notable rise signaling increased trader participation. This surge likely reflects rising interest due to high platform engagement and potential speculation surrounding fee generation.
Related: Hyperliquid Hits $1.57T Annual Volume as HYPE Soars Nearly 950% Since Launch
However, 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.
Technical indicators echo the market’s current hesitation. The MACD line and signal line are flat and overlapping, suggesting a lack of directional strength.
Related: Hyperliquid (HYPE) Price Prediction: Will the Token Hold Above the Critical $44 Level?
Additionally, the RSI is neutral at 54.99, indicating no overbought or oversold conditions. These readings confirm a consolidation phase following recent gains.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
