Hyperliquid (HYPE) continues to break through as network adoption and revenue reach record highs.

Hyperliquid (HYPE) is regaining momentum in the middle of the week, currently trading at 55 USD on Wednesday, following a pullback from its historic peak of 57.40 USD last week. This bounce back is supported by vibrant network activity, as the USDC stablecoin has officially integrated, along with 24-hour trading fee revenue surpassing both Ethereum (ETH) and Solana (SOL). Additionally, the Q3 financial report recorded record numbers, raising expectations that HYPE could soon establish a new price peak.

USDC officially operates on the Hyperliquid network

The stablecoin USDC announced on Tuesday that the original version of USDC along with the Cross-Chain Transfer Protocol (CCTP) V2 will officially be deployed on the Ethereum Virtual Machine (EVM) of Hyperliquid. As a result, users can directly deposit USDC into HyperCore as well as any HyperEVM applications, providing a faster, seamless, and safer experience for depositing, trading, and participating in Decentralized Finance (DeFi) activities.

This move is seen as an important boost for the long-term prospects of HYPE, as the presence of native USDC on HyperEVM could become a "liquidity magnet," driving application levels, increasing revenue, and strengthening the value of the HYPE token.

Revenue and transaction fees grow strongly

According to data from Artemis Terminal, in just the past 24 hours, Hyperliquid has generated 2.5 million USD in chain fees, surpassing both Ethereum and Solana. This figure not only reflects the increasing heat of the network but also indicates a large liquidity flow strongly entering the HYPE ecosystem.

In the weekly report, Reflexivity continues to emphasize Q3 as the explosive phase of Hyperliquid, as the platform recorded fee revenue of 250.45 million USD – the highest ever. Notably, 243.59 million USD of net profit has been directly allocated to holders, and all of these achievements were made by just a team of 11 members.

Does HYPE reach a new peak?

Hyperliquid (HYPE) has set a new peak at 57.40 USD on Friday, but could not maintain the upward momentum and quickly adjusted by 5.81% as of Sunday. Moving into the beginning of the week, this token recorded a bounce back, closing at 54.43 USD on Monday. By Wednesday afternoon, the recovery momentum continued to be sustained, with HYPE fluctuating around the threshold of 54.93 USD.

In a positive scenario, maintaining the upward trend could bring HYPE back to challenge the record level of 57.40 USD. If it successfully breaks through, the market will enter a "price discovery" phase, opening up opportunities for a breakout to the important psychological resistance area at 60 USD.

Daily HYPE/USDT chart | Source: TradingViewTechnical indicators are supporting this outlook. The Relative Strength Index (RSI) on the daily chart is currently at 64 – well above the neutral zone of 50 but still some distance from the overbought region, indicating that the bulls still have room to control the market. At the same time, the MACD indicator has established a bullish crossover since the beginning of September and has maintained its effectiveness, further reinforcing confidence in the upward trend.

Conversely, in the case of profit-taking pressure, HYPE is likely to return to test the important support level around 51.15 USD.

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