Hyperliquid, a decentralized, permanent futures trading platform, overtook Solana at weekly rates just months after its launch.
Hyperliquid (Hype) spent more than $11.8 million in more than $12.61 million last week, according to data from Defillama. This is true if Solana's total of $7.1 billion is locked. Hyperliquid's TVL has increased 294% since December and 55% since January.
Hyperliquid's decentralized finance and native trading capabilities are responsible for their success. The platform offers traders fully on-chain order book, zero gas fees and leverage up to 50 times more than assets including BTC, ETH and SOL.
Due to its focus on trading efficiency, it is set up with high lipids separately from Solana, which is not designed for defi but supports a variety of distributed applications.
Currently, Hype costs $20.194. The exponential moving average (EMA 9) shows a slight bearish trend, with prices hovering around or below the line. The relative strength index (RSI 14) is 51.21, showing neutral momentum but leaning towards weakness.
If the RSI falls below 50, even more bearish momentum could push the price from $19.50 to $19.00. Support remains at about $20.00, while resistance is at $21.00.
The whales are still optimistic despite recent price fluctuations. In one deal reported by Lookonchain on February 26, the whale deposited $5 million on the platform and purchased 73,959 hype worth $1.51 million at market prices. The Whale has also issued a restriction order to buy 183,768 hype for $19.04 and $19.05.
According to Coinglass data, current public interest for the high liquefaction is $329 million, exceeding Solana's $294 million. Highly open interest is usually interpreted as a sign of increased liquidity and market participation. Despite growing interest on the platform, Hyperliquid continues to face criticism of over-centerization.
