After hitting an all-time high, HYPE's price surpasses SOL, as Solana drops to its lowest level since 2023

Hyperliquid's HYPE token price surpassed Solana's SOL on Wednesday, as the latter fell to its lowest level since 2023. HYPE hit an all-time high of $74.67 on Tuesday and is currently trading at $74.47, higher than SOL's $71.62. Over the past month, HYPE has risen approximately 24%, making it one of the few gainers among the top 20 crypto assets, while Solana has fallen nearly 14% during the same period. By market capitalization, Solana still leads with approximately $42 billion compared to Hyperliquid's approximately $16 billion. CoinShares released a valuation report on Tuesday stating that HYPE is one of the few crypto assets where protocol activity almost directly translates into demand for the token, with a target price of approximately $147 in 2031 under the base-case scenario.