Hyperliquid [HYPE] Surpasses TRON [TRX] in Fees Generated Over 24 Hours

On the 26th of April, it was reported that Hyperliquid generated $2 million in fees, compared to TRON’s $1.9 million in the preceding 24-hour span.

Hyperliquid [HYPE] surpassed the fees generated by TRON [TRX] over 24 hours.

On the 26th of April, it was reported that Hyperliquid generated $2 million in fees, compared to TRON’s $1.9 million in the preceding 24-hour span.

Their on-chain activity had shown a noticeable difference, helping explain the fee gap.

Earlier, it was reported that retail traders were taking a bullish view on HYPE. The token saw a retest of the $17.34 level, followed by a rally beyond $19.24.

At press time, the latter level served as support, setting the stage for further gains.

HYPE’s price target beyond $22

Source: HYPE/USDT on TradingView

Based on the drop from $17.34 to $9.29, a set of Fibonacci retracement and extension levels was plotted.

Over the past two weeks, Hyperliquid prices consolidated beneath the $19.24 level, which was the 23.6% extension level.

During this consolidation, the volume metrics were slightly bearish. The CMF has dipped below -0.05, while the A/D line was moving sideways. But the bullish breakout on Wednesday quelled fears from the volume side.

The CMF on the 4-hour chart had surged to reach +0.28, while the A/D indicator also saw a sizeable uptick. Yet, the RSI presented traders with some doubts.

The momentum indicator made a lower high, even as the price made a higher high compared to Tuesday. A classic bearish divergence signal, this could see the $19.24 support tested once again.

Source: Coinglass

The 3-month liquidation heatmap showed a cluster of liquidation levels around $21.35-$22.3. The $22.3 level happened to be the 61.8% Fibonacci extension level, making it an attractive price target for swing traders.

Source: Coinglass

The 2-week liquidation heatmap suggested that a rally to $22.3 might not be quick. The liquidity cluster at $20.4 marked a magnetic zone, but it might need to gather more liquidation levels before being tested.

For comparison, the liquidity present at $19.45 was noticeably higher than what was seen at $20.4 at press time.

Combined with the H4 bearish divergence, it appeared likely that HYPE would consolidate around the $19.2 region for a few more days before the next rally.