The decentralized finance coin hyperquid has skyrocketed nearly 10% today, reaching a new all-time high as bullish momentum builds.
The rally occurs amid signs of increasing network activity, with on-chain data suggesting that users are rising demand for high lipid blockchains. This promotes the hope that hype can increase profits.
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Hype prices supported by climbing user activity
According to Artemis, the Layer-1 (L1) blockchain has generated the highest network fees in the last 24 hours, overtaking established leaders such as Solana, Tron and Ethereum.
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During this review, Hyperliquid has raked in fees of $3.2 million, ranking $1.8 million over Solana, $1.4 million for Tron and $1.1 million for Ethereum.
The surge in network fees is widely viewed as a proxy for real user demand, as it reflects the level of on-chain activity. Therefore, the fact that high lipids outweigh the larger rivals indicates that the network is attracting important user engagement. If this trend continues, it could further support the bullish trend of hype and drive tokens to fresh highs.
Furthermore, according to Defilama, the high lipid Stablecoin Supply has increased by 5% over the past week, indicating an increase in network fluidity.
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Participation and capital inflows in the supply market for Stablecoin to measure networks. Thus, climbing this way suggests that more users are deploying, trading and seeking opportunities within the ecosystem.
This liquidity rise will provide additional support for hype and help maintain upward momentum in the short term.
High-eyed peaks of the Bulls, bear monitors the floor for $48.84
The sustained demand for hype will extend the rally. In this scenario, you could try to establish a new price peak, past the new all-time high of $59.41.
However, this bullish outlook is void when profits reappear. In that case, the price of the hype could fall to test support at $48.84. If this level gives way, the coin can be even more immersed in $40.54.
