Hyperliquid's HYPE Price Surpasses Solana, SOL Price Falls to Lowest Level Since 2023

According to The Block, Hyperliquid's HYPE token price surpassed Solana on Wednesday, with the latter falling 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 Solana's $71.62. HYPE has risen approximately 24% in the past month, making it one of the few top 20 crypto assets to see gains, while Solana has fallen nearly 14% in the same period. By market capitalization, Solana still leads Hyperliquid with approximately $42 billion compared to Hyperliquid's approximately $16 billion, but the gap is rapidly narrowing. CoinShares released a valuation report on Tuesday stating that HYPE is one of the few crypto assets where protocol activity almost directly translates into token demand, with a target price of approximately $147 in 2031 under a baseline scenario.