The post Hyperliquid flips Solana in 7 day fees; will HYPE surge? appeared on BitcoinEthereumNews.com.

Hyperliquid, the decentralized perpetual futures trading platform, has overtaken Solana in weekly fees just a few months after its launch. According to DefiLlama’s Feb.28 data, Hyperliquid (HYPE) made $12.61 million in fees over the last week, more than Solana’s (SOL) $11.8 million. This was the case even though Solana’s $7.1 billion total value locked is ten times greater than Hyperliquid’s $669 million TVL. Hyperliquid’s TVL has increased by 294% since December and by 55% since January. Hyperliquid’s decentralized finance-native trading features are responsible for its success. The platform provides traders with a fully on-chain order book, zero gas fees, and up to 50x leverage on assets including BTC, ETH, and SOL. This emphasis on trading efficiency sets Hyperliquid apart from Solana, which isn’t specifically designed for DeFi but supports a variety of decentralized applications. As of now, 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. 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. Hyperliquid price chart. Source: TradingView Whales are still optimistic despite the recent price swings. In one transaction that was reported by Lookonchain on Feb. 26, a whale deposited $5 million in USDC to the platform and bought 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. The current open interest for Hyperliquid is $329 million, which is more than Solana’s $294 million, according to Coinglass data. High open interest is usually interpreted as an indication of increasing liquidity and market participation. Despite the growing interest on the…

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Filed under: News - @ February 28, 2025 3:23 am