After reaching an all-time high, HYPE price surpasses SOL, Solana drops to lowest level since 2023

Hyperliquid's HYPE token surpassed Solana's SOL on Wednesday, with the latter dropping to its lowest level since 2023. HYPE hit an all-time high of $74.67 on Tuesday and is currently trading at $74.47, above 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 roughly $16 billion. In a valuation report released on Tuesday, CoinShares stated that HYPE is one of the few crypto assets where protocol activity almost directly translates into token demand, with a base case target price of approximately $147 by 2031.