Hyperliquid (HYPE) rose over 4%, trading around 44 USD on Tuesday, after bouncing off a crucial support area the day before. The uptrend was further solidified as the Total Value Locked (TVL) of HYPE reached a new record, while the long positions also hit a one-month peak. Notably, data from Artemis Terminal recorded that the on-chain trading fees of Hyperliquid in the past 24 hours exceeded both Ethereum (ETH) and Tron (TRX) — a signal indicating a surge in adoption and activity on the network.
HYPE trading fees surpass ETH and TRX
According to data from Artemis Terminal, the on-chain trading fees of Hyperliquid in the past 24 hours have reached 2.6 million USD, surpassing even well-known networks like Ethereum and Tron. This achievement demonstrates the increasing interest of traders and reflects significant liquidity in the HYPE ecosystem.
Moreover, Artemis also recorded that the Total Value Locked (TVL) of Hyperliquid reached a new record of 2.3 billion USD on Tuesday. The continuous growth of TVL indicates that the HYPE ecosystem is becoming increasingly vibrant, with capital inflows into protocols and a growing number of users participating.
Additionally, data from Coinglass paints an optimistic picture: the long/short ratio of HYPE is currently at 1.20, the highest in over a month. This figure reflects strong investor confidence that HYPE still has room to continue breaking out.
Hyperliquid price forecast: Bulls targeting ATH level
The price of Hyperliquid found an important support around the uptrend line connecting the lows since early April last Thursday, before surging 13.88% in the next three days and closing above the 50-day EMA at 42.44 USD. However, the excitement quickly waned as HYPE dropped 6.6% on Monday, returning to test the 50-day EMA. By Tuesday, the coin had reversed, gaining over 4% and trading around 44.87 USD.
If the 50-day EMA at 42.44 USD continues to hold, HYPE is likely to extend its bullish wave, heading towards the historical peak of 49.88 USD.
The daily RSI is currently at 52, having just bounced off the neutral level of 50 and is trending upwards, reinforcing the positive signal. Meanwhile, the MACD line and the signal line of the MACD indicator are still intertwining, reflecting caution from traders.
Conversely, a close below the 50-day EMA could trigger new selling pressure, pulling the price back to the key support area at 39.11 USD.