Will Hyperliquid Ever Be Worth More Than Solana?

Hyperliquid is building fast, launching lending markets and attracting Wall Street pathways, but a mountain of locked tokens and Solana's sprawling ecosystem stand between HYPE and the throne.

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Right now, Hyperliquid (CRYPTO:HYPE) is worth about $21 billion, far less than Solana‘s (CRYPTO:SOL) market value of roughly $69 billion. To reach a point where Hyperliquid is worth more than Solana, HYPE would need to more than triple in value from its current price of around $94.

HYPE hit an all-time high on September 19, 2026, while Solana was trading at $117 as of September 25 and has declined 5.8% this year. This raises an interesting question: Can Hyperliquid ever surpass Solana in market value, given that Solana is a comprehensive platform suitable for various applications?

Hyperliquid Has to More Than Triple to Match Solana’s Market Value

When comparing market value, it’s important to note that it reflects only coins currently in circulation. In contrast, fully diluted value considers every token that will ever exist. Currently, HYPE has around a quarter of its total supply of approximately 952 million tokens on the market. This means its fully diluted value is about $89 billion at a $94 price, surpassing Solana’s market value.