Key Takeaways
Why are some analysts confident HYPE could flip SOL?
Equity perps narrative and increasing avenues for HYPE markets like Robinhood.
Is flipping possible in the short term?
Per Polymarket, HYPE could struggle to surpass SOL in 2025 in market cap.
Blockchains are racing to lead “Internet capital markets” or bridge TradFi offerings like equity 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 equity perps is picking up steam, too. And Hyperliquid [HYPE] is building a moat in the segment, according to experts.
Through its recently released HIP-3, builder-deployed perps, now on-chain traders can easily trade Tesla, Nvidia, and Gold, for starters, with a 10X-20X leverage. The coverage will expand with time.
Source: Hyperliquid DEX
Hyperliquid’s version of the Nasdaq index, XYZ100, debuted a few days ago and was doing $55 million in volume as of writing.
According to Daniel Cheung, Co-Founder of VC Syncracy Capital, the traction could help HYPE flip SOL.
“HYPE is now undeniably becoming one of the most important projects in crypto. No reason HYPE cannot flip SOL.”
Can HYPE flip SOL in FDV?
At press time, Solana’s FDV stood at $125 billion, with each token priced at $204. Hyperliquid’s FDV was around $48 billion, trading near $48 per token—roughly a 4x gap.
The highest HYPE could climb in 2025 would be $70 or $100. Polymarket placed a 39% and 16% chance for the two targets before 2026, respectively.
Assuming SOL’s value remains constant, a HYPE price surge to $70 or $100 would mean a $70 billion or $100 billion FDV. Based on this alone, it won’t be enough for HYPE to flip SOL’s $125 billion value, at least in the short term.
Derivatives data reveal rising speculative interest
In terms of speculative interest, SOL led, given its institutional interest across CME. The altcoin had about $9.83 billion in Open Interest (OI), a nearly 5% increase in the past 24 hours.
In contrast, HYPE had about $1.96 billion in speculative interest, about 8% surge over the same period.
So HYPE saw more growth in speculative interest as the market rebounded. But SOL commanded the depth of leveraged bets.
Source: CoinGlass
Beyond the equity perps narrative, HYPE’s recovery was also bolstered by its recent listing on Robinhood.
However, Smart Money was still net short, according to crypto analytics platform Nansen. According to the analytics firm, it could be “fuel or a trap.”
But HYPE was back in the megaphone (orange) and defending $45 as support could allow bulls to advance.
Source: HYPE/USDT, TradingView
