Daniel Cheung, co-founder of Syncracy Capital, suggests that Hyperliquid’s native token HYPE is starting to mirror Solana’s position before its last major surge. He argues that the protocol has become the central hub for genuine trading activity in crypto.
In a series of recent posts on X, Cheung has outlined an increasingly bold view: Hyperliquid isn’t just leading within crypto but could evolve into a broad financial trading platform with appeal beyond the sector.
His most direct comparison came this week: “HYPE at $35 feels similar to SOL at $20 before its last cycle rally.” He positions Hyperliquid as an early-stage leader poised for growth as the market expands, citing its current role as “the main chain where trading activity is happening” and “the only chain bringing new users into crypto right now” due to its 24/7 markets.
Cheung seems to be recalling Solana’s dramatic rise from a low point in late 2022 to one of the cycle’s top performers. After trading around $8 at the end of 2022 and near $23 in September 2023, SOL eventually reached a new all-time high of $295.83 in mid-January 2025. From a $20 starting point, that would represent a gain of roughly 1,379%.
This argument stands out because it isn’t primarily based on meme-driven hype, which has fueled many other trends. Cheung notes Hyperliquid is “gaining significantly more media attention and respect” because its use cases extend “far beyond dogshit memes,” giving the project a stronger foundation if market speculation picks up again.
In multiple posts, Cheung has framed Hyperliquid not just as another crypto trade but as a transformative trading venue. On Feb. 28, he wrote: “It’s becoming clearer every day that Hyperliquid is the financial trading platform of the future, and generational wealth will be made by longing this coin. This has a chance to surpass Robinhood, Interactive Brokers, etc… Hyperliquid is out-innovating its peers.”
This is a substantial claim, which Cheung bases on product and market structure rather than short-term price movements. His view depends on two connected assumptions: first, that perpetual futures will grow into a much larger market than currently anticipated, and second, that Hyperliquid will capture a major share of that growth because it’s already where users are trading.
He elaborated on Feb. 12, stating that investors are overlooking two key points: “HYPE is the most exciting startup not in AI and will eventually flip COIN and HOOD,” and “the perps category will be bigger than anyone expects,” adding that another asset, LIT, appears deeply undervalued compared to HYPE based on fees.
Timing is also crucial to Cheung’s outlook. On March 9, he suggested that “HYPE to $120+” would be “pretty easy once the crypto bull market comes back,” adding, “We are close.” This indicates his target relies on a broader market upswing amplifying Hyperliquid’s already strong position.
Notably, BitMEX founder Arthur Hayes recently predicted that HYPE could reach $150 by August of this year. At the time of writing, HYPE is trading at $36.16.
Frequently Asked Questions
FAQs Hyperliquid the Solana at 20 Comparison
Beginner Questions
What is Hyperliquid
Hyperliquid is a decentralized exchange built for perpetual futures trading known for its high speed and low transaction costs on its own custom blockchain
What does it mean that Hyperliquid resembles Solana at 20
This is an analogy by investor Daniel Cheung It suggests Hyperliquid today has a similar combination of innovative technology early growth potential and market valuation that Solana had when its token was priced at 20 in a previous market cycle
Why is Solana at 20 a significant comparison point
Solana at 20 was before its massive price surge The comparison implies Hyperliquid might be in a similarly early highpotential stage before possible widespread adoption
Is Hyperliquid the next Solana
Not exactly The comparison is about potential growth stage and market position not the technology itself Its a speculative analogy about investment opportunity not a guarantee
How can I learn more about Hyperliquid
Visit the official Hyperliquid website and documentation follow their official social channels and research independent reviews and onchain data to understand its platform activity
Advanced Practical Questions
What specific similarities support this comparison
Potential similarities include being a highperformance monolithic blockchain focused on a specific use case having a technically savvy early user base and trading at a relatively low valuation compared to its perceived technical capacity
What are the key differences between Hyperliquid and Solana
Core difference Use Case Solana is a generalpurpose smart contract platform Hyperliquid is a specialized DEX and L1 for perpetual futures Their ecosystems target developers and overall scope are different
What are the main benefits or innovations of Hyperliquid
It offers a fully onchain order book for perps with submillisecond latency and very low fees Its Hyperliquid L1 is built specifically for trading efficiency which is a different architectural approach than using a generalpurpose L2
What are the biggest risks with this analogy
1 Market Risk Past performance doesnt guarantee future results
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