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

Hyperliquid ($HYPE) rocketed 300% to $37 on May 23, defying its April lows and sparking Solana$SOL

-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?

Hyperliquid’s Airdrop Turns to Gold as Fees, TVL, and Open Interest Break Records

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.

Experts Say $HYPE vs. $SOL Could Define Crypto’s Future

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.

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%.