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

According to Odaily, Hyperliquid's HYPE token price surpassed Solana's SOL on Wednesday, with the latter falling to its lowest level since 2023. HYPE set a new all-time high of $74.67 on Tuesday and is currently trading at $74.47, ahead of 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. In terms of market capitalization, Solana still leads with approximately $42 billion, ahead of Hyperliquid's approximately $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.