Hyperliquid’s HYPE Overtakes Solana in Token Price for First Time
Summary
- Hyperliquid (HYPE) climbed to an intraday record of $74.67, overtaking Solana (SOL) in price for the first time.
- While major cryptocurrencies posted double-digit losses, Hyperliquid gained about 24%% over the past month and Solana fell about 14%%.
- Developments supporting the move included Grayscale’s launch of the HYPG ETF, CoinShares’ $147 price target for 2031, and a venture capital assessment calling it a “new contender for the No. 2 spot behind Bitcoin.”
Forecast Trend Report by Period
Hyperliquid’s native token HYPE has surpassed Solana’s SOL in price for the first time.
The Block reported on June 3 that HYPE climbed to an intraday record of $74.67. It was still trading in the $73 range, above Solana in the $72 range.
The price crossover is notable because it came as the broader crypto market weakened. Major tokens including Bitcoin and Ether posted double-digit losses over the past week, while Hyperliquid gained about 24% over the past month.
Solana, by contrast, fell about 14% over the same period, sliding to its lowest level since late 2023.
Solana still leads by market capitalization. Its market value stands at about $42 billion, compared with roughly $16 billion for Hyperliquid.
Even so, Hyperliquid’s growth has been rapid. Its share of the global perpetual futures market reached a record 6.63% in May. Monthly trading volume for its HIP-3-based perpetual futures products also exceeded $62 billion.
Institutional interest is also expanding. Grayscale launched its Hyperliquid staking ETF, HYPG, on June 3. Zach Pandl, Grayscale’s head of research, called Hyperliquid “the biggest success story of this cycle.”
CoinShares said in a recent report that Hyperliquid is one of the few projects where protocol activity translates directly into token demand. The firm set a 2031 price target of $147 for HYPE.
Peter Pan, a research partner at venture capital firm 1kx, said Hyperliquid’s recent market consensus, investor conviction and price action recall Ethereum in 2017, BNB in 2021 and Solana in 2023. In his view, a new contender for the No. 2 spot behind Bitcoin has emerged.
