Hyperliquid Overtakes Ethereum, Solana in Fees as HYPE Hits All-Time High

Decentralized finance coin Hyperliquid (HYPE) has surged nearly 10% today, setting a new all-time high as bullish momentum builds. 

The rally comes amid growing signs of heightened network activity, with on-chain data suggesting that user demand on the Hyperliquid blockchain is climbing. This fuels expectations that HYPE could extend its gains.

HYPE Price Rally Backed by Climbing User Activity

According to Artemis, the layer-1 (L1) blockchain has generated the highest network fees in the past 24 hours, overtaking established leaders such as Solana, Tron, and Ethereum. 

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During this review period, Hyperliquid has raked in $3.2 million in fees, ranking ahead of Solana at $1.8 million, Tron at $1.4 million, and Ethereum at $1.1 million.

A surge in network fees is widely seen as a proxy for real user demand, since it reflects the level of on-chain activity. Therefore, the fact that Hyperliquid is outpacing its larger rivals signals that the network is attracting significant user engagement. If this trend continues, it will further support HYPE’s bullish trend and could propel the token to fresh highs.

Furthermore, according to DefiLlama, stablecoin supply on Hyperliquid has grown by 5% in the past week, signaling increased liquidity on the network. 

Stablecoin supply on a network gauges market participation and capital inflows. So when it climbs like this, it suggests more users are deploying funds, transacting, and seeking opportunities within the ecosystem. 

This rise in liquidity provides additional support for HYPE and could help sustain its upward momentum in the near term.

Bulls Eye Higher Peaks, Bears Watch $48.84 Floor

A sustained demand for HYPE would extend its rally. In this scenario, it could break above its new all-time high of $59.41 and attempt to establish a new price peak. 

However, if profit-taking re-emerges, it would invalidate this bullish outlook. In that case, HYPE’s price could fall to test support at $48.84. If this level gives way, the coin could dip further toward $40.54.