Hyperliquid Hits $1.7M in Daily Fees, Surpasses Ethereum and Bitcoin as Price Battles $40 Resistance

• 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.