Hyperliquid, the decentralized eternal futures trading platform, has overtaken Solana in weekly costs, just a few months after the launch.
According to Defillamas 28 February factsHyperliquid (hype) earned $ 12.61 million in reimbursements last week, more than Solana’s (SOL) $ 11.8 million. This was the case, although the total value of Solana $ 7.1 billion is locked is ten times larger than the $ 669 million TVL from Hyperliquid. The hyperliquid TVL has increased by 294% since December and since January by 55%.
The decentralized finance-native trade functions of Hyperliquid are responsible for their success. The platform offers traders a fully on-chain ordering book, zero gas costs and up to 50x leverage on assets such as BTC, ETH and SOL.
Hyperliquid distinguishes this emphasis on commercial efficiency except Solana, which is not specifically designed for Defi but supports a variety of decentralized applications.
From now on the price of Hype is $ 20,194. The exponential advancing average (EMA 9) indicates a light bearish trend, where the price floats around or below the line. The relative strength index (RSI 14) is at 51.21, which indicates a neutral momentum, but leans to weakness.
If the RSI falls below 50, Beerarish Momentum can further push the price to $ 19.50- $ 19.00. Support remains around $ 20.00, with resistance to $ 21.00.
Whales are still optimistic despite the recent price fluctuations. In a transaction that was reported by Lookonchain on 26 February, a $ 5 million whale in USDC collapsed on the platform and bought 73,959 hype worth $ 1.51 million at market prices. The whale also placed limit orders to buy 183,768 hype for $ 19.04 and $ 19.05.
The current open interest for hyperliquid is $ 329 million, which is more than Solana’s $ 294 million, according to Coinglass facts. High open interest is usually interpreted as an indication of increasing liquidity and market participation. Despite the growing interest on the platform, Hyperliquid remains confronted with criticism of excessive centralization.
