What to know:
- Hyperliquid (HYPE) is consolidating near the key $62 support after failing to break its previous all-time high.
- A hold above $62 could trigger bullish momentum toward the $76 all-time high zone.
- Hyperliquid generated $62.8M in 30-day on-chain revenue, outperforming major competitors and showing strong trading activity.
Hyperliquid (HYPE) is consolidating near a key support level after failing to break previous highs, with traders watching for either a rebound or a breakdown. If support holds, momentum could return toward the HYPE price, while weakness may extend sideways movement. Hyperliquid also shows strong growth driven by rising demand for decentralized derivatives trading.
At the time of writing, HYPE is trading at $67.93 with a 24-hour trading volume of $1.06 billion and a market capitalization of $17.2 billion. Despite the 5.44% loss over the last 24 hours, the HYPE price structure and network growth point to a bullish reversal ahead.
Source: CoinMarketCap
Also Read: Hyperliquid Slams CME Lawsuit Over CFTC Perpetual Futures Access
HYPE Price Consolidation at $62 Could Trigger Move to $76
According to the crypto analyst Sjuul, the HYPE price once again attempted to break into price discovery above its previous all-time high.
The move initially showed strong bullish momentum, but it was met with a firm rejection near resistance as selling pressure and profit-taking stepped in, halting the breakout and preventing continuation into new highs for the HYPE price.
Source: Sjuul’s X Post
The market’s focus has been shifted towards the crucial $62 point, which acts as the support region for the HYPE price.
In case the buyers manage to hold on to this point and create a strong support level out of it, the HYPE price can gather momentum once again and go on to reach its all-time high of $76.
Hyperliquid Generates $62.8 Million Monthly Revenue
The data from MSB Intel further highlighted that the Hyperliquid protocol has created an on-chain revenue of about $62.8 million within the past 30 days to emerge as the leading protocol in the market.
The total on-chain revenue is higher than the sum total of the revenues collected by its top three competitors. This shows that there is high demand for trading.
Source: MSB Intel’s X Post
This rush indicates the preference for quick and affordable perpetual futures platforms that can compete with centralized platforms.
The commission-based approach of Hyperliquid suggests organic adoption, as opposed to incentivized adoption. With more development along these lines, the DeFi derivatives industry is likely to be transformed; however, earnings will always depend on the crypto market.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read: Hyperliquid RWA Open Interest Reaches $4 Billion in 8 Months
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