Hyperliquid TVL hits a new high! On-chain costs surpass Ethereum and Tron, with long positions aiming for historical highs.

On August 27, Hyperliquid (HYPE) rose against the trend by over 4%, reaching $44.87, after rebounding from a key support level the previous day. The latest data shows that HYPE's Total Value Locked (TVL) and on-chain Money Laundering have both reached all-time highs, even surpassing Ethereum (ETH) and TRON (TRX) within 24 hours, indicating that its network adoption and activity are accelerating.

on-chain fees surpass ETH and TRX, ecosystem activity explodes

(Source: Artemis)

According to Artemis Terminal data, HYPE's on-chain Money Laundering reached 2.6 million dollars in the past 24 hours, higher than established public chains like ETH and TRX.

This data means:

1. The participation of traders in the HYPE ecosystem is rapidly increasing.

2. Network liquidity and trading demand continue to strengthen.

At the same time, the HYPE's Total Value Locked exceeded $2.3 billion on Tuesday, setting a new historical high, with funds continuously flowing into the protocol, reflecting the market's confidence in its long-term development.

Long positions hit a one-month high, market sentiment is bullish

(Source: Coinglass)

Coinglass data shows that the HYPE long-short ratio has risen to 1.20, the highest level in nearly a month, indicating that investors are generally optimistic about the future market trend.

Technical Analysis: Bulls Targeting Historical High of $49.88

(Source: Trading View)

Support level: HYPE received support from the ascending trend line connecting the April low last Thursday, rebounding nearly 13.9% within three days, breaking above the 50-day EMA ($42.44).

Resistance level: If the 50-day EMA holds firm, the price is expected to challenge the historical high of 49.88 dollars.

Technical indicators:

The daily RSI has rebounded to 52, showing an upward trend.

The MACD line and signal line intertwine, indicating that traders remain cautious.

Risk Scenario: If the closing price falls below the 50-day EMA, the price may test the key support area at $39.11.

Conclusion

Hyperliquid is experiencing a surge in market bullish sentiment against the backdrop of record highs in Total Value Locked (TVL) and on-chain fees. If technical support remains solid, HYPE is expected to challenge its historical peak in the short term and further solidify its leading position among emerging public chains.