Hyperliquid Surges Past Solana in Weekly Fees Amid Growing Adoption

Decentralized Perpetual Futures Trading Platform Sees Rapid Growth

Hyperliquid, a decentralized perpetual futures trading platform, has surpassed Solana in weekly fees, just months after its launch. According to recent data, Hyperliquid generated $12.61 million in fees over the last week, outpacing Solana’s $11.8 million. This achievement is notable, given Solana’s significantly higher total value locked (TVL) of $7.1 billion, compared to Hyperliquid’s $669 million.

Key Factors Driving Hyperliquid’s Success

Hyperliquid’s success can be attributed to its decentralized finance (DeFi)-native trading features, which provide traders with a fully on-chain order book, zero gas fees, and up to 50x leverage on assets including BTC, ETH, and SOL. These features set Hyperliquid apart from Solana, which, although supporting a variety of decentralized applications, is not specifically designed for DeFi.

Hyperliquid’s Price and Market Analysis

As of the current date, 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.

Tips for traders:

  • 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.

Whale Activity and Open Interest

Despite recent price swings, whales remain optimistic about Hyperliquid. A notable transaction reported by Lookonchain on February 26 saw a whale deposit $5 million in USDC to the platform and purchase 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 buying $HYPE. This whale deposited 5M $USDC to #Hyperliquid 6 hours ago, bought 73,959 $HYPE ($1.51M) at market prices, and placed a limit order to buy 183,768 $HYPE ($3.5M) at $19.04 and $19.05.”

Currently, the open interest for Hyperliquid is $329 million, surpassing Solana’s $294 million. High open interest is often seen as an indication of increasing liquidity and market participation.

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