HYPE is demonstrating signs of consolidation after several days of price decline. We will explore the current market situation and the revenue growth of the Hyperliquid platform.
HYPE Price Consolidation
HYPE is currently trading at $44.59, with a negligible 0.2% daily gain but a 10.65% weekly loss. The market cap now sits at $14.91 billion, while the 24-hour trading volume has dropped nearly 18% to $204.66 million. The price action over the last 24 hours has ranged within a narrow band between $43.42 and $45.20, reflecting indecision among traders.
Hyperliquid Revenue Growth
Beyond price action, Hyperliquid’s fundamentals remain robust. The trading platform hit a record revenue in August, generating $106 million in fees from nearly $400 billion in perpetual contract volume. This marks a 23% increase from July’s $86.6 million, highlighting Hyperliquid’s growing influence in decentralized derivatives trading, which may provide long-term support for HYPE’s valuation amidst short-term volatility.
HYPE Price Analysis
HYPE’s current price of $44.39 is sitting near its 7-day SMA at $44.73 and just below the pivot point at $44.29. The MACD histogram at -0.196 and RSI-14 at 48.77 reflect weak buying momentum, suggesting that bears still have the upper hand. The $42.40 level, aligned with the 38.2% Fibonacci retracement, is emerging as a critical support zone. A confirmed break below it could trigger accelerated selling toward the next major support at $35.42. On the upside, a close above $45.71 would nullify the bearish outlook.
The situation with HYPE remains interesting to follow. While key indicators show strength, market uncertainty and critical support and resistance levels could be defining in the short term.
