Hyperliquid's HYPE token price surpassed Solana's SOL on Wednesday, as the latter fell to its lowest level since 2023. HYPE hit an all-time high of $74.67 on Tuesday and is currently trading at $74.47, higher than SOL's $71.62. Over the past month, HYPE has risen approximately 24%, making it one of the few gainers among the top 20 crypto assets, while Solana has fallen nearly 14% during the same period. By market capitalization, Solana still leads with approximately $42 billion compared to Hyperliquid's approximately $16 billion. CoinShares released a valuation report on Tuesday stating that HYPE is one of the few crypto assets where protocol activity almost directly translates into demand for the token, with a target price of approximately $147 in 2031 under the base-case scenario.