Key takeaways
Why is Hyperliquid attracting attention?
Weekly inflows increased to $25 million and revenue reached $20 million, placing it third among the highest-grossing protocols.
What levels matter now for HYPE?
A break above $48 may clear HYPE’s path towards $59 if the rise in IMF keeps the bulls in control.
hyperliquid [HYPE] It continued its bullish rally with a 7% gain in the past day, at the time of writing, extending its momentum from last week, when the altcoin rose 31%.
Market fundamentals appeared strong as HYPE was trading around $47 at press time, approaching its all-time high. AMBCrypto analyzed how this could be reflected in the price chart.
Hyperliquidity attracts new liquidity
Among the top fifteen chains, Hyperliquid recorded $25 million in stablecoin inflows in the last seven days.
This coincided with a sharp increase in the network’s share: its Layer 1 total value locked (TVL) surpassed $2.41 billion, ranking as the ninth largest blockchain overall and the seventh among Layer 1s.
Source: Lookonchain
The growth is even more evident in its perpetual trading protocol, which recorded a similar pattern of capital inflow and usage.
Lookonchain reported that, in one week, perpetual volume increased by 35.9%, reaching $58.08 billion in the market during this period.
To put this into perspective, two other major perpetual DEXs primarily experienced outflows, with Aster [ASTER] volume fell 0.36%.
Profits increase across all protocols and users
Additionally, Lookonchain reported that the increase in Hyperliquid perpetual volume coincided with an increase in revenue last week. Revenue reached a record $20.19 million, making it the third-highest revenue-generating protocol in the market at the time.
In fact, it remained the most profitable protocol when stablecoin issuers like Tether and Circle were excluded.
Source: Lookonchain
At the same time, HYPE participants received $90.07 million in cumulative rewards this month. The size of the payment indicated long-term holder confidence and limited short-term selling pressure.
This combination of revenue growth and staking performance reinforced the token’s bullish bias.
Chart setup favors retest of highs
The technical outlook for HYPE showed that the altcoin was trading at a key resistance level between $47.36 and $48.88.
This level has influenced HYPE’s decline on four previous occasions. If another rejection occurs, the token could fall below the descending resistance line it recently broke.
Source: TradingView
Still, the Money Flow Index (MFI) stood at 63.37 at press time, showing continued inflows and suggesting investors considered the asset to be undervalued.
A break above this range could clear the way towards its previous all-time high near $59. Failure to do so could cause the price to retrace below the descending resistance line it recently recovered.
