Chiara Bianchi
Hyperliquid, a rising player in the decentralized perpetuals exchange space, has captured market attention by surpassing both Ethereum and Solana in daily fee generation, hitting $1.7 million in the last 24 hours. Yet, despite this explosive growth, its native token HYPE continues to struggle beneath the key $40 resistance, reflecting trader indecision amid high volatility.
The sharp jump in fees indicates robust user activity and trader confidence. Over the past day, Hyperliquidโs trading volume ballooned by nearly 30% to $188.8 million, boosting its position as a high-performance DeFi platform. The protocol boasts a volume-to-market cap ratio of 19.22%, suggesting deep liquidity and sustained engagement from large and small participants alike.
However, this on-chain momentum has not yet translated into price strength for HYPE, which remains in consolidation mode.
HYPE Price Faces Stiff Resistance at $40
Currently, the HYPE token is trading sideways near $39.53, unable to sustain a breakout beyond the psychological $40 barrier. While the asset briefly pierced the level, it was quickly met with selling pressure, pushing it back into the narrow trading range.
Key resistance lies between $39.75 and $39.85, with multiple failed breakout attempts. For bulls to regain control, a decisive move above $40.10 backed by rising volume is essential.
On the flip side, buyers have shown strong interest between $39.09 and $39.15, establishing an important support floor. Additional support can be found between $39.25 and $39.30, previously acting as a springboard for upward momentum.
Indicators Point to Market Caution
Despite strong fundamental signals, technical indicators tell a more cautious story. The MACD is flat, with the signal and MACD lines overlapping, signaling neutral momentum and a lack of conviction from both bulls and bears.
Compounding concerns, only 33% of the total HYPE supply is in circulation, leaving room for potential dilution in the future. While the market cap stands at $13.2 billion, the fully diluted valuation (FDV) has ballooned to $39.53 billion, raising questions about sustainability at current levels.
What Comes Next?
Hyperliquidโs revenue performance places it among the most active DeFi protocols, but unless HYPE can decisively clear the $40.10 resistance, price movement may remain muted. Traders are closely monitoring volume and technical levels for clues about the next big shift.
Until then, HYPE remains a high-performing yet range-bound asset โ bursting with potential but held back by market hesitation.
