Hyperliquid Looks Like Solana At $20 Last Cycle: | Solana News

Daniel Cheung, co-founder of Syncracy Capital, says Hyperliquid’s native token HYPE is starting to resemble Solana’s setup earlier than its final main run, arguing that the protocol has turn out to be the clearest middle of actual trading exercise in crypto. In a collection of posts on X over the previous month, Cheung laid out an more and more aggressive thesis: Hyperliquid is not only outperforming within crypto, however may emerge as a broader financial trading platform with appeal past the sector.

Cheung’s most direct comparability got here this week. “HYPE at $35 feels similar to SOL at $20 before its last cycle rally,” he wrote, framing Hyperliquid as an early-stage winner earlier than a broader market growth. He tied that view to what he sees because the protocol’s present market place: “Hyperliquid is currently the main chain where trading activity is happening and the only chain bringing new users into crypto right now given its offering around 24/7 markets.”

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What Cheung seems to be invoking is Solana’s transfer from a battered late-2022 asset into one of the cycle’s largest winners. After trading round $8 on the finish of 2022 and nonetheless hovering close to $23 in September 2023, SOL ultimately climbed to a contemporary all-time high of $295.83 in mid-January 2025. From a $20 reference level, that will indicate a rally of roughly 1,379%.

That argument is notable as a result of it doesn’t relaxation totally on meme-driven exercise, which has typically powered consideration cycles elsewhere. Cheung stated Hyperliquid is “gaining significantly more media attention and respect” as a result of its use instances are “centered around much more than dogshit memes.” In his telling, that offers the project a stronger basis if speculative situations improve again.

Across a number of posts, Cheung repeatedly described Hyperliquid much less as a single-app crypto commerce and more as a category-defining trading venue. On Feb. 28, he wrote, “Becoming more clear by the day that Hyperliquid is the financial trading platform of the future and that generational wealth will be made longing this coin. Think this has a chance to flip Robinhood, Interactive Brokers etc… Hyperliquid is out innovating peers.”

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That is a giant declare, and Cheung offered it as a product and market-structure thesis relatively than a short-term price call alone. His view seems to hinge on two linked assumptions: first, that perpetual futures turn out to be a a lot bigger class than the market at present costs in, and second, that Hyperliquid captures a disproportionate share of that growth as a result of it’s already the place customers are trading.

He made that time more explicitly on Feb. 12, when he stated buyers have been lacking “two things” within the present market. The first was that “HYPE is the most exciting startup not in AI and will eventually flip COIN and HOOD.” The second was that “the perps category will be bigger than anyone expects,” including that one other asset, LIT, appeared deeply undervalued relative to HYPE on a price foundation.

Cheung’s posts additionally clarify that timing issues. On March 9, he stated “HYPE to $120+” could be “pretty easy once the crypto bull market comes back,” earlier than including: “We are close.” That suggests his goal is just not based mostly on Hyperliquid working in isolation, however on the concept a renewed bull part would amplify an already sturdy relative place. Notably, BitMEX founder Arthur Hayes not too long ago argued that HYPE may attain $150 till August this 12 months.

At press time, HYPE traded at $36.16.

Featured image created with DALL.E, chart from TradingView.com