Hyperliquid price overtakes Solana as HYPE defies crypto market crashÂ
Hyperliquid’s HYPE token has climbed above Solana in price after reaching fresh record highs while most major cryptocurrencies have suffered sharp losses during the recent market downturn.
- HYPE price climbed above Solana in price after reaching a record high near $75.4, while SOL fell to its lowest level since late 2023.
- Hyperliquid captured a record 6.63% share of global perpetual futures volume in May.
- HYPE has entered price discovery after a breakout above previous highs, with $100 emerging as a key upside target.
According to data from crypto.news, Hyperliquid (HYPE) price traded at around $74 on Wednesday after hitting an all-time high of $75.4 on Tuesday, June 2, placing it above Solana (SOL) price of roughly $72. The move comes as Bitcoin, Ethereum, and several other large digital assets have posted double-digit declines over the past week amid worsening market sentiment.
Unlike most top cryptocurrencies, HYPE has continued to advance. The token has gained approximately 24% over the past month, while Solana has dropped nearly 14% during the same period and slipped to its lowest level since late 2023.
Despite the price crossover, Solana remains significantly larger by market value. Solana’s market capitalization stands at over $41.6 billion compared with roughly $16.5 billion for Hyperliquid. Even so, investors have increasingly focused on Hyperliquid’s expanding presence in the derivatives market and a growing wave of institutional products tied to the ecosystem.
Hyperliquid continues gaining ground in perpetual futures trading
Recent trading data points to continued growth for the decentralized perpetuals exchange behind HYPE.
Notably, Hyperliquid captured a record 6.63% share of global perpetual futures trading volume in May. The platform’s HIP-3 builder-deployed perpetual contracts generated more than $62 billion in monthly trading activity during the same period.
At the same time, Hyperliquid continued taking market share from larger centralized competitors. The platform’s trading volume relative to Binance reached a new record in May, highlighting its growing role within the derivatives sector.
Institutional interest has also accelerated. Grayscale launched its HYPG Hyperliquid Staking ETF on Wednesday, adding another regulated investment product tied to the protocol.
The launch follows earlier products from 21Shares and Bitwise. The THYP and BHYP funds have generated nearly $600 million in trading volume and attracted more than $136 million in net inflows within their first three weeks.
Technical outlook points toward the $100 level
Beyond the fundamental growth story, analysts at crypto.news believe HYPE has entered a new phase after breaking through previous resistance levels.
As per the report, the token moved into price discovery on the daily chart after surpassing its previous record high near $75.8. The report also stated that the breakout completed a major continuation pattern and pushed HYPE beyond the upper boundary of its recent trading range.
Based on the technical structure, analysts said that the token now has a clear path toward the psychologically important $100 level if bullish momentum remains intact.
Support levels are also coming into focus as traders assess downside risks with the former breakout area around $75 as the first major support zone. Should that level fail to hold, the report noted that additional support could emerge near $64, followed by the $55 region.
