Hyperliquid Rockets 300% to $37 ATH – Is a Solana-Style $250 Breakout Next?

Hyperliquid ($HYPE) rocketed 300% to $37 on May 23, defying its April lows and sparking Solana-level breakout rumors. The DeFi underdog’s 1,044% YTD surge now threatens to disrupt crypto’s top five.

Whales and airdrop holders fuel the rally. Hyperliquid’s $11 billion airdrop now ranks among crypto’s richest paydays. As fees and open interest smash records, many wonder if this is the next Solana?

Recently, the price surge has been largely driven by long-term whales and community members, further solidifying the project’s grassroots strength.

In November 2024, the fast-growing DeFi protocol distributed over 310 million $HYPE tokens to early users, representing 31% of the token’s total supply. That airdrop is worth more than $11.1 billion at the current market price, placing it among the largest and most valuable token distributions in crypto history.

Now ranked among the top 12 cryptocurrencies by market cap, Hyperliquid’s ecosystem has also been shattering records.

On May 22, the platform hit multiple new highs, including $8.9 billion in open interest, $5.4 million in 24-hour fees, and a new record in stablecoin TVL. These impressive metrics have fueled speculation that Hyperliquid could soon enter the top five crypto projects globally.

Ryan Watkins, co-founder of Syncracy Capital, believes Hyperliquid could be Solana’s fiercest competitor in shaping the on-chain U.S. equities narrative in the coming quarters.

“The winner of this race could very well become crypto’s next $100B to $500B juggernaut and redefine capital markets as we know them,” he stated.

Hyperliquid vs. Solana will be the cryptoeconomy’s defining battle in the coming quarters as U.S. equities move onchain.

The winner will become the industry’s next $100B-$500B project and may very well transform capital markets forever.

Also chance pie is big enough for both.

Currently valued at $12 billion, Hyperliquid would see its token price rise to about $300 if its market cap reached $100 billion—an increase of roughly 800%.

A well-known Solana influencer also showed a striking similarity between Solana’s $8 price structure in early 2021 and Hyperliquid’s 2025 price action.

He pointed out that Hyperliquid’s mission, driven by HyperCore and HyperEVM, closely mirrors the vision previously pursued by Solana and the now-defunct FTX.

early solana 2021 vs. hyperliquid 2025 price action fractal

goal of solana + FTX very similar to goal of Hyperliquid w/ HyperCore & HyperEVM, except w/ $HYPE the perpetuals exchange is fully on-chain w/ ~97% of revenue going directly back to token holders

all time highs soon pic.twitter.com/WebRG2Vh0I

He added, “$HYPE is a fully on-chain perpetuals exchange with ~97% of revenue going straight back to token holders,” arguing that the token is primed for long-term success.

From a technical standpoint, the $HYPE/$USDT daily chart confirms a powerful bullish breakout following a lengthy consolidation phase.

After bottoming near the $10–$12 range, the token steadily climbed, eventually breaching the key $28 resistance level on strong volume.

Within the focused area on the chart, candlestick formations hinted at a bullish continuation, setting the stage for the explosive move that followed.

However, the Relative Strength Index (RSI) now sits at 83.08, indicating overbought conditions. While this may point to a near-term correction, the elevated RSI reflects intense buying pressure.

A bullish divergence in April foreshadowed the current rally, though signs of a bearish divergence are beginning to emerge, something traders should keep an eye on.

With $28 now a solid support, the next major resistance lies around $45, suggesting another 25% upside potential if the bullish trend continues.

Hyperliquid ($HYPE) has blasted through barriers to hit a new all-time high of $37.44, soaring more than 20% in just 24 hours, to cement its position as one of the most explosive and unforgettable crypto launches in recent history.

After tumbling to a low of $9.32 in April, many assumed the post-airdrop hype had faded and that $HYPE would quietly join the ranks of underperforming token launches.

However, the project has defied expectations, rallying 300% in the last 45 days.

This recent run brings Hyperliquid’s year-to-date gains to an eye-watering 1,044.58%, making it the best-performing blockchain protocol so far in 2025.

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