Hyperliquid's HYPE token has surpassed Solana in price, with HYPE reaching a record high of $74.67 on Tuesday and currently trading at $74.47. In contrast, Solana's price has fallen to $71.62, marking its lowest level in 2023. Over the past month, HYPE has risen approximately 24%, making it one of the few top 20 cryptocurrencies to see gains, while Solana has declined nearly 14%. Despite the price shift, Solana maintains a market cap of around $42 billion, significantly higher than Hyperliquid's $16 billion, though the gap is narrowing. A CoinShares valuation report suggests that HYPE is among the few crypto assets where protocol activity directly translates into token demand, projecting a target price of approximately $147 by 2031 under baseline scenarios.