<\/p>\n
Hyperliquid\u2019s 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.<\/p>\n
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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.<\/p>\n
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.<\/p>\n
Despite the price crossover, Solana remains significantly larger by market value. Solana\u2019s market capitalization stands at over $41.6 billion compared with roughly $16.5 billion for Hyperliquid. Even so, investors have increasingly focused on Hyperliquid\u2019s expanding presence in the derivatives market and a growing wave of institutional products tied to the ecosystem.<\/p>\n
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Recent trading data points to continued growth for the decentralized perpetuals exchange behind HYPE.<\/p>\n
Notably, Hyperliquid captured a record 6.63% share of global perpetual futures trading volume in May. The platform\u2019s HIP-3 builder-deployed perpetual contracts generated more than $62 billion in monthly trading activity during the same period.<\/p>\n
At the same time, Hyperliquid continued taking market share from larger centralized competitors. The platform\u2019s trading volume relative to Binance reached a new record in May, highlighting its growing role within the derivatives sector.<\/p>\n
Institutional interest has also accelerated. Grayscale launched its HYPG Hyperliquid Staking ETF on Wednesday, adding another regulated investment product tied to the protocol.<\/p>\n
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.<\/p>\n
Beyond the fundamental growth story, analysts at crypto.news believe HYPE has entered a new phase after breaking through previous resistance levels.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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