Hyperliquid's native token HYPE is in the midst of a correction phase, with analysts watching a critical support zone for signs of accumulation. At the same time, the protocol has achieved a notable milestone, surpassing Uniswap V3 in daily protocol fees — a development that highlights the growing adoption of decentralized perpetual futures trading.

Hyperliquid operates as an app-chain Layer 1 built specifically for on-chain perpetuals and spot trading, using its own consensus mechanism rather than deploying as a smart-contract protocol on Ethereum or a rollup. That architectural distinction allows the platform to offer fully on-chain order books with sub-second finality, positioning it apart from other decentralized perp exchanges like GMX or dYdX that rely on different execution models.

At the time of writing, HYPE is trading at $53.77, with a 24-hour trading volume of $370.43 million and a market capitalization of $13.58 billion, according to CoinMarketCap. The token has posted a 2.01% decline over the past 24 hours.

Analyst Identifies Accumulation Zone

Crypto analyst Crypto Patel noted on X that HYPE has entered a sharp correction after retreating from its recent peak near $77. This pullback validates earlier cautions that the token's rally above $70 carried elevated downside risk.

With HYPE now trading around $53, market attention has shifted to stronger support levels. Technical analysts are closely monitoring the 0.5–0.618 Fibonacci retracement zone, which spans approximately $40 to $34, as a potential accumulation range. Patel suggests that if HYPE maintains its position above this demand zone, the prevailing uptrend could resume, with the token potentially retesting its previous all-time high before advancing toward the $100–$150 range.

Hyperliquid Tops Uniswap V3 in Daily Protocol Fees

Data shared by MSB Intel on X reveals that Hyperliquid's perpetual futures platform generated approximately $2.6 million in protocol fees over the past 24 hours, edging past Uniswap V3's $2.5 million during the same period.

Protocol fees — which reflect actual trading activity generating revenue for the platform — are widely tracked as a gauge of real product usage rather than speculative token demand. That Hyperliquid, a perpetuals-focused exchange, is now generating higher daily fees than Uniswap V3, one of DeFi's most established spot DEXes, underscores how decentralized leverage trading has grown into a meaningful revenue category within crypto. Centralized perpetual venues such as Binance and Bybit still command substantially larger volumes, but on-chain alternatives have steadily captured share as users seek self-custody and transparent settlement.

Current Dynamics

Despite bullish technical setups and strong network growth metrics, HYPE's price continues to trend lower in the near term. However, broader cryptocurrency market conditions have been improving, which some analysts suggest could set the stage for a potential breakout if current support levels hold.

Key variables going forward include whether HYPE can maintain its position above the identified support region, continued growth in protocol revenue, and broader market sentiment. Sustained adoption of the Hyperliquid platform and favorable macro conditions for digital assets could contribute to renewed upward momentum for the token. Monitoring daily fee rankings relative to other major DeFi protocols may offer a useful proxy for whether Hyperliquid's usage trajectory continues to diverge from its token's near-term price action.

This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.