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

Odaily Planet Daily reported that Hyperliquid's HYPE token price surpassed Solana's SOL on Wednesday, with the latter falling to its lowest level since 2023. HYPE hit a new 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. A valuation report released by CoinShares on Tuesday stated that HYPE is one of the few crypto assets where protocol activity is almost directly translated into token demand, with a base case target price of approximately $147 by 2031.