Hyperliquid Looks Like Solana At $20 Last Cycle, Daniel Cheung Says

Daniel Cheung, co-founder of Syncracy Capital, says Hyperliquid’s native token HYPE is starting to resemble Solana’s setup earlier than its final main run, arguing that the protocol has turn out to be the clearest heart of actual buying and selling exercise in crypto. In a collection of posts on X over the previous month, Cheung laid out an more and more aggressive thesis: Hyperliquid isn’t just outperforming inside crypto, however may emerge as a broader monetary buying and selling platform with enchantment past the sector.

Cheung’s most direct comparability got here this week. “HYPE at $35 feels much like SOL at $20 earlier than its final cycle rally,” he wrote, framing Hyperliquid as an early-stage winner earlier than a broader market enlargement. He tied that view to what he sees because the protocol’s present market place: “Hyperliquid is presently the principle chain the place buying and selling exercise is going on and the one chain bringing new customers into crypto proper now given its providing round 24/7 markets.”

What Cheung seems to be invoking is Solana’s transfer from a battered late-2022 asset into one of many cycle’s largest winners. After buying and selling round $8 on the finish of 2022 and nonetheless hovering close to $23 in September 2023, SOL ultimately climbed to a contemporary all-time high of $295.83 in mid-January 2025. From a $20 reference level, that will indicate a rally of roughly 1,379%.

That argument is notable as a result of it doesn’t relaxation totally on meme-driven exercise, which has usually powered consideration cycles elsewhere. Cheung stated Hyperliquid is “gaining considerably extra media consideration and respect” as a result of its use instances are “centered round rather more than dogshit memes.” In his telling, that offers the challenge a stronger basis if speculative circumstances enhance once more.

Across a number of posts, Cheung repeatedly described Hyperliquid much less as a single-app crypto commerce and extra as a category-defining buying and selling venue. On Feb. 28, he wrote, “Becoming extra clear by the day that Hyperliquid is the monetary buying and selling platform of the longer term and that generational wealth might be made longing this coin. Think this has an opportunity to flip Robinhood, Interactive Brokers and so forth… Hyperliquid is out innovating friends.”

That is a big declare, and Cheung offered it as a product and market-structure thesis reasonably than a short-term value name alone. His view seems to hinge on two linked assumptions: first, that perpetual futures turn out to be a a lot bigger class than the market presently costs in, and second, that Hyperliquid captures a disproportionate share of that enlargement as a result of it’s already the place customers are buying and selling.

He made that time extra explicitly on Feb. 12, when he stated buyers had been lacking “two issues” within the present market. The first was that “HYPE is probably the most thrilling startup not in AI and can ultimately flip COIN and HOOD.” The second was that “the perps class might be greater than anybody expects,” including that one other asset, LIT, regarded deeply undervalued relative to HYPE on a price foundation.

Cheung’s posts additionally clarify that timing issues. On March 9, he stated “HYPE to $120+” could be “fairly straightforward as soon as the crypto bull market comes again,” earlier than including: “We are shut.” That suggests his goal is just not primarily based on Hyperliquid working in isolation, however on the concept a renewed bull section would amplify an already robust relative place. Notably, BitMEX founder Arthur Hayes recently argued that HYPE may attain $150 till August this 12 months.

At press time, HYPE traded at $36.16.