Hyperliquid’s HYPE token price rose above Solana after hitting new highs, while most major cryptocurrencies suffered steep losses during the recent market downturn.
summary
- HYPE price rose above Solana price after hitting a record high near $75.4, while SOL fell to its lowest level since late 2023.
- Hyperliquid accounted for a record 6.63% share of global perpetual futures volume in May.
- HYPE has entered a price discovery phase after breaking the previous highs, with $100 emerging as a major upside target.
According to data from crypto.news, Hyperliquid (The noise) The price was trading at around $74 on Wednesday after hitting an all-time high of $75.4 on Tuesday, June 2, putting it above Solana (Sol) for approximately $72. The move comes as Bitcoin, Ethereum and several other large digital assets posted double-digit declines over the past week amid deteriorating market sentiment.
Unlike most leading cryptocurrencies, HYPE has continued to advance. The token has gained approximately 24% over the past month, while Solana has fallen approximately 14% over the same period and fell to its lowest level since late 2023.
Despite the price crossover, Solana remains much larger in terms of market cap. Solana’s market capitalization is more than $41.6 billion compared to about $16.5 billion for Hyperliquid. However, investors have increasingly focused on Hyperliquid’s expanding presence in the derivatives market and the growing wave of institutional products tied to the ecosystem.
Hyperliquid continues to see gains in perpetual futures trading
Recent trading data indicates continued growth of the decentralized, perpetual exchange behind HYPE.
Notably, Hyperliquid accounted for a record 6.63% share of global perpetual futures trading volume in May. Perpetual contracts deployed by the creators of the HIP-3 platform generated more than $62 billion in monthly trading activity during the same period.
Meanwhile, Hyperliquid continued to gain market share from larger, centralized competitors. The platform’s trading volume compared to Binance reached a new record high in May, highlighting its growing role in the financial derivatives sector.
Institutional interest has also accelerated. Grayscale Fired The HYPG Hyperliquid Scking ETF on Wednesday added another regulated investment product tied to the protocol.
The launch follows previous products from 21Shares and Bitwise. The THYP and BHYP funds generated nearly $600 million in trading volume and attracted more than $136 million in net inflows during their first three weeks.
The technical forecast points to the $100 level
Beyond the fundamental growth story, analysts at crypto.news say He believes HYPE has entered a new phase after breaking through previous resistance levels.
According to 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 limit of its recent trading range.
Based on the technical structure, analysts said the token now has a clear path towards the psychologically important $100 level if bullish momentum remains intact.
Support levels are also in focus as traders evaluate downside risks with the previous breakout area around $75 as the first major support area. If this level fails to hold, the report noted that additional support could emerge near $64, followed by the $55 area.
