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

Odaily 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, exceeding 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% over the same period. By market capitalization, Solana still leads with approximately $42 billion, compared to Hyperliquid's approximately $16 billion. A valuation report published by CoinShares on Tuesday 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.