Hyperliquid (HYPE) Price: Network Fees Outpace Ethereum as Token Eyes $50 Breakout
TLDR
Hyperliquid (HYPE) generated $1.7 million in daily fees, surpassing Solana and Ethereum
The token is consolidating near $40 resistance with potential breakout toward $47-$50 range
Liquid supply dropped by 9 million tokens since June, from 106 million to 97 million
HyperEVM wallet addresses crossed 300,000, showing growing ecosystem adoption
Daily trading volume reached $2.4 billion with 447 million perpetual transactions processed
Hyperliquid has emerged as the top blockchain network for daily transaction fees, generating $1.7 million in 24 hours. The platform outperformed established networks including Solana, Ethereum, and Bitcoin according to Artemis data.
Source: Artemis
The fee generation reflects growing demand for the network’s services. Hyperliquid processed $2.4 billion in trading volume over the past day, with futures positions reaching $2.3 billion as users engage in leveraged crypto trading.
The platform handled 447 million perpetual transactions daily. Perpetual fees alone contributed over $712,000 to the day’s revenue, demonstrating strong trading activity across the network.
HYPE currently trades around $38.83 with a market cap of $13.3 billion. The token has shown minor decline in the past 24 hours but maintains its position near key resistance levels.
Supply Tightening Supports Price Action
On-chain data reveals liquid supply has dropped from 106 million to 97 million tokens since June. This 9 million token reduction indicates tokens are being removed from circulation through staking or other mechanisms.
There’s been a sharp drop in ready-for-sale $HYPE since the start of June: down from 106M to just 97M.
Supply continues to tighten. $HYPE is deflationary by ~15% per year. The AF continues to accumulate more. More and more $HYPE is being utilized across the HyperEVM eco. pic.twitter.com/AcPHFqDe7D
— Henrik (@Henrik_on_HL) July 6, 2025
The supply reduction occurs as HYPE consolidates near $40 resistance. Analysts suggest this combination creates conditions for potential upward movement once resistance breaks.
HYPE has printed consecutive green weekly candles, holding near the top of its recent range. Price action shows buyers defending dips with wick rejections on the downside.
Technical Breakout Potential
The token faces resistance around $41 on the weekly timeframe. A break above this level could trigger movement toward the $47 to $50 range according to technical analysis.
Another green weekly candle for $HYPE
Feels like a bit of consolidation before the inevitable leg up to $50-$75
Hyperliquid pic.twitter.com/chS8IBJYm9
— 800.HL (@degennQuant) July 7, 2025
Market observers note the resistance region has weakened due to ongoing tests. The lack of strong rejections at current levels suggests selling pressure may be diminishing.
The $35 level serves as key support for the broader bullish structure. As long as price holds above this threshold, the upward trend remains intact.
Some analysts draw comparisons to Solana’s 2021 rally, which saw the token move from $2 to over $200. Chart overlays suggest similar trajectory potential for HYPE, though such comparisons remain speculative.
HyperEVM wallet addresses have surpassed 300,000, indicating growing ecosystem adoption. This on-chain growth supports the broader bullish framework as more participants enter the network.
The platform’s annualized revenue reaches approximately $798 million, with estimated annual fees around $791 million. These figures position Hyperliquid among the most lucrative platforms in the crypto space.
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Filed under: News - @ July 8, 2025 8:31 am