Hyperliquid HYPE Token Tops $71, Surpasses SOL as Solana Slumps
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Fazen Markets Editorial Desk
Collective editorial team · methodology
hyperliquidsolana
Fazen Markets Editorial Desk
Collective editorial team · methodology
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Hyperliquid's native HYPE token traded above Solana's SOL in per-token price late Tuesday, June 3, as reported by The Block. SOL slumped to a price of $71.96, its lowest level since late 2023, while HYPE traded higher. The price crossover occurs even as Solana's overall market capitalization remains more than double that of the Hyperliquid ecosystem, at $41.62 billion versus an estimated $16 billion.
The price crossover reflects a significant sentiment divergence within the competitive Layer-1 and high-performance blockchain sector. Historically, such token price flips between major protocols have signaled shifting developer and capital attention, as seen when Solana's SOL surpassed Cardano's ADA in price during its 2021 bull market ascent. The current macro backdrop for crypto remains challenged by persistent concerns over U.S. regulatory actions and higher-for-longer interest rate expectations, pressuring risk assets broadly.
The immediate catalyst for SOL's decline is a broader market sell-off impacting major cryptocurrencies, compounded by network-specific concerns over transaction failure rates and meme coin volatility draining liquidity from more established decentralized applications. For Hyperliquid, the rise is attributed to concentrated speculative interest in its novel omnichain perpetual swap infrastructure, which allows trading across multiple blockchain environments from a single margin account. This technical narrative has attracted capital seeking exposure to next-generation derivatives platforms.
As of 21:46 UTC today, SOL traded at $71.96, marking a 4.96% decline over the preceding 24 hours. Its 24-hour trading volume was $4.16 billion. The token's market capitalization stood at $41.62 billion, down from peaks above $80 billion earlier in the year. While HYPE's precise price was not in the live data feed, its reported market cap of over $16 billion suggests a per-token price exceeding SOL's $71.96 level at the time of the crossover.
| Metric | Solana (SOL) | Hyperliquid (HYPE) |
|---|---|---|
| Token Price | $71.96 | > $71.96 (reported) |
| 24h Change | -4.96% | Data Not Provided |
| Market Capitalization | $41.62B | > $16B (reported) |
The divergence is stark when comparing sector performance. While SOL has declined nearly 5% in 24 hours, other major Layer-1 tokens like Ethereum (ETH) and Avalanche (AVAX) showed smaller losses, indicating SOL is underperforming its direct peer group. The Hyperliquid ecosystem's rapid growth contrasts with stagnant or declining total value locked (TVL) on several competing decentralized exchange platforms.
The price flip signals a rotation of speculative capital away from established Layer-1 narratives toward new infrastructure projects promising higher use and cross-chain functionality. Direct beneficiaries include other emerging perpetual swap platforms like Aevo and Vertex, which may see increased valuation comps. Projects within the Solana DeFi ecosystem, such as margin lending protocol Marginfi and DEX Jupiter, face headwinds from reduced SOL-denominated collateral values and diminished fee revenue as activity wanes.
A key counter-argument is that market capitalization, not token price, remains the more relevant metric for network scale and security. Solana's $41.62 billion market cap affords it a significantly larger validator ecosystem and developer community than Hyperliquid's $16 billion. The price move may reflect token supply mechanics as much as fundamental adoption. On-chain flow data indicates leveraged long positions on SOL are being liquidated, while derivatives volume for newer perpetual platforms is rising, suggesting professional traders are testing the new infrastructure.
Immediate catalysts include the U.S. May non-farm payrolls report on June 6 and the next FOMC meeting on June 18. Both will influence broader risk appetite for crypto. For SOL, critical technical support lies at the $68-$70 zone, a level that held in December 2023. A break below could trigger a test of $60. Resistance is near $80. For Hyperliquid, the key watchpoint is whether its TVL can sustain growth above $2 billion to justify its valuation relative to more established exchanges.
Market participants will monitor Solana network performance metrics, specifically the ratio of successful to failed transactions, for signs of technical improvement. They will also watch for major protocol launches or partnerships announced on Hyperliquid's omnichain system. Sustained volume above $1 billion daily on Hyperliquid would confirm the platform's viability beyond speculative token trading.
The HYPE token is the native asset of the Hyperliquid network, a high-performance decentralized exchange built for perpetual futures trading. It is used for governance, fee discounts, and as collateral within the protocol's margin system. Unlike many DEX tokens, its value is directly tied to the volume and open interest on its proprietary omnichain trading infrastructure, which allows users to trade perps across different blockchains.
Yes, but typically not from a direct Layer-1 competitor. In previous cycles, high-profile meme coins or niche DeFi tokens have briefly exceeded SOL's price during peak speculation, but these were not sustained. A more relevant precedent is Solana itself surpassing older smart contract platforms like Cardano (ADA) in price during its 2021 breakout, which preceded a multi-year period of superior ecosystem growth and developer migration.
No. Market capitalization is calculated as token price multiplied by circulating supply. While HYPE's token price exceeded SOL's, Solana's circulating supply is much larger, giving it a total market capitalization of $41.62 billion. Hyperliquid's reported market cap is over $16 billion, less than half of Solana's valuation. This distinction is crucial for assessing the relative economic size and security budgets of the two networks.
The token price flip highlights a fierce capital rotation within crypto derivatives, pressuring established Layer-1s while fueling speculative runs on new infrastructure.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. CFD trading carries high risk of capital loss.
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