Hyperliquid’s HYPE Surpasses Solana Price as SOL Drops to Lowest Level Since 2023

Hyperliquid’s native token HYPE has climbed above Solana’s SOL in price, marking a significant milestone for the decentralized derivatives trading platform. The move comes during a difficult period for the crypto market, with Bitcoin, Ethereum and several major digital assets recording sharp losses over the past week.

HYPE recently reached a new all-time high of $74.67 and was trading around $73.15, slightly above Solana’s $72.35. While the price difference has attracted attention across the market, Solana still maintains a much larger market capitalization of roughly $42 billion compared to Hyperliquid’s $16 billion.

Over the past month, HYPE has gained around 24%, making it one of the few leading cryptocurrencies to remain in positive territory. In contrast, Solana has fallen nearly 14% during the same period, dropping to its lowest level since late 2023.

Hyperliquid Gains Market Share in Perpetual Futures Trading

Investor confidence in Hyperliquid has been supported by strong growth in trading activity. During May, the platform’s share of global perpetual futures volume reached a record 6.63%. Its HIP-3 builder-deployed perpetual markets generated more than $62 billion in monthly trading volume, highlighting increasing user adoption.

Institutional Interest Strengthens HYPE Narrative

Institutional demand has also played a role in HYPE’s rise. Grayscale recently launched the HYPG Hyperliquid Staking ETF, joining existing products such as 21Shares’ THYP and Bitwise’s BHYP. Together, these investment products have generated nearly $600 million in trading volume and attracted more than $136 million in net inflows within just three weeks.

CoinShares recently published a detailed valuation report on Hyperliquid, arguing that HYPE stands out because protocol activity directly supports token demand through its buyback mechanism. The firm estimated a base-case valuation of approximately $147 per token by 2031.

Can HYPE Challenge the Largest Crypto Assets?

Some market observers have compared Hyperliquid’s current momentum to major growth periods previously experienced by Ethereum, BNB and Solana. However, despite its rapid rise, HYPE remains far behind Ethereum, which currently holds a market value exceeding $220 billion. For Hyperliquid to challenge the largest cryptocurrencies, it would need to expand many times beyond its current size.