Key takeaways
Why are some analysts convinced HYPE could topple SOL?
Story from stock investors and the growing possibilities for HYPE markets like Robinhood.
Is a turnaround possible in the short term?
According to Polymarket, HYPE may struggle to overtake SOL in 2025 in terms of market capitalization.
Blockchains are racing to lead “internet capital markets” or fill TradFi offerings like stock trading. Solana (SOL) had a head start with on-chain stocks, also known as “tokenized stocks.”
But the leveraged version of on-chain stocks or stocks is also gaining momentum. And Hyperliquid (HYPE) is building a moat in the segment, according to experts.
Thanks to its recent release HIP-3Agents deployed by manufacturers, on-chain traders can now easily trade Tesla, Nvidia and Gold, to begin with, with 10X-20X leverage. Coverage will expand over time.
Source: Hyperliquid DEX
The Hyperliquid version of the Nasdaq Index, XYZ100, debuted a few days ago and was bringing in $55 million in volume at the time of writing.
According to Daniel Cheungco-founder of VC Syncracy Capital, this traction could help HYPE topple SOL.
“HYPE is now undeniably becoming one of the most important projects in crypto. There is no reason why HYPE cannot topple SOL.”
Can HYPE return SOL to FDV?
At press time, Solana’s FDV stood at $125 billion, with each token valued at $204. Hyperliquid’s FDV stood at around $48 billion, trading at almost $48 per token, a spread of around 4x.
The highest HYPE that could climb in 2025 would be $70 or $100. Polymarket put a chance of 39% and 16% for the two targets before 2026, respectively.
Assuming the value of SOL remains constant, a rise in HYPE prices to $70 or $100 would mean an FDV of $70 or $100 billion. On this basis alone, it will not be enough for HYPE to overturn SOL’s value by $125 billion, at least in the short term.
Derivatives Data Reveals Growing Speculative Interest
In terms of speculative interest, SOL was in the lead, given its institutional interest in CME. The altcoin had around $9.83 billion in open interest (OI), an increase of almost 5% over the past 24 hours.
In contrast, HYPE had approximately $1.96 billion in speculative interestan increase of around 8% over the same period.
Thus, HYPE saw increased growth in speculative interest as the market rebounded. But SOL controlled the scale of leveraged bets.
Source: CoinGlass
Beyond the stock investor narrative, HYPE’s rally has also been bolstered by its recent listing on Robinhood.
However, Smart Money was still overdrawn, according to to the Nansen crypto analysis platform. According to the analytics company, this could be “fuel or a trap.”
But HYPE was back in the (orange) megaphone and defend $45 as support could allow the bulls to advance.
Source: HYPE/USDT, TradingView
