Hyperliquid’s HYPE token gains nearly 80% amid signs of network slowdown

Hyperliquid’s HYPE token has surged almost 80% over 90 days, outperforming Bitcoin and major altcoins, but conflicting signals from network health metrics suggest the rally may be losing momentum amid rising valuations and uneven on-chain activity.

Hyperliquid’s HYPE token has extended a powerful run, rising almost 80% over the past 90 days and leaving Bitcoin and most large altcoins behind. But the advance is unfolding against a more complicated backdrop: while the market price has climbed, several measures of network health suggest momentum is cooling. According to the figures cited in the source material, the token was trading around $41.31 to $42.07, with recent gains still holding even after a modest weekly pullback.

The valuation now looks far richer than the business beneath it. Reporting in CryptoNewsZ and related market coverage says Hyperliquid’s fully diluted price-to-sales ratio has climbed to 47.3, up 67% quarter on quarter, a sign that investors are paying a much steeper premium for each dollar of revenue. Over the same period, fees fell 13% over 90 days to $153.8 million, even as average daily volume edged higher by 6%.

Other indicators are more encouraging, but not enough to erase the caution. Daily active addresses have risen to about 46,000, stablecoin supply has increased to $1.83 billion and HIP-3 volumes have surged sharply, showing that parts of the ecosystem are still expanding. Even so, open interest has dropped to $7.6 billion, roughly 51% below its peak, while about $730 million has flowed out of the network in recent months, underscoring the uneven nature of the rally.

The outlook remains split between momentum traders and those warning that the chart is starting to look fragile. One analyst cited in the coverage sees room for a move towards $75 if the rally persists, while another says the token has broken below a bullish trendline and is trying to recover it. CoinMarketCap’s AI analysis also pointed to short-term support around $40, with a push towards $43 to $45 possible if that level holds. For now, HYPE’s price strength is real enough, but the underlying fundamentals appear to be catching up more slowly than the market expected.

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Source: Noah Wire Services