Hyperliquid’s HYPE price continues holding key support, preserving its bullish outlook as buyers remain active. Meanwhile, rising protocol fees highlight growing trading activity and reinforce Hyperliquid’s expanding presence in decentralized finance.
At the time of writing, HYPE is trading at $61.01 with a 24-hour trading volume of $235.1 million and a market capitalization of $15.43 billion. Following the 2.41% gain over the last 24 hours, the HYPE price structure and network growth point to a bullish reversal ahead.
Source: CoinMarketCap
HYPE Price Holds Support, Eyes Major Breakout
According to the crypto analyst Bitcoin Meraklisi, the HYPE price maintains a key support area, which keeps its overall bullish market formation intact even after the current consolidation period.
According to analysts, there has been some buying interest in the asset at the current level. The support level must not be breached in order for the HYPE price to have upside room.
Source: Bitcoin Meraklısı’s X Post
Another critical point to watch out for is the resistance of 74, which can dictate the future trajectory of the HYPE price in the midterm.
The analysts have identified that any close above this resistance on a high timeframe would result in a bullish cup pattern, allowing for a more powerful run towards the price of $172. Any breach below $58 will weaken the outlook further.
Hyperliquid Hits $1.9M Daily Fees, Ranks Sixth
The data from NSB Intel further highlighted that Hyperliquid’s perpetual futures protocol is now ranked sixth on the list of protocols that collect the most fees on a daily basis.
This is attributed to the collection of approximately $1.9 million on a daily basis by the protocol in the last day. This feat has made the derivative platform beat Canton.
Source: MSB Intel’s X Post
The most recent achievement demonstrates the continued expansion of Hyperliquid’s reach into the world of decentralized finance, where increased fee generation is usually indicative of greater user interaction and higher trading volumes.
With growing market involvement, the company continues to build on its competitive edge relative to other leading DeFi platforms.
Following the bullish price predictions and network growth, the HYPE price is moving in an upward direction. This move is backed by the improving momentum in the crypto market, as the BTC price has started to move upward.
What Comes Next?
In case the HYPE price retains the critical support and the buying strength is retained, then it can test the major levels of resistance and breakout higher.
Increased trading volumes and fee generation from Hyperliquid can increase the level of investor confidence even further. But in case the support fails, the momentum could decline, leading to corrections in the market.
Also Read: HYPE Price Holds Key Support as Hyperliquid Trading Fees Surpass $1.2 Billion
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
