Hyperliquid Appears to be like Like Solana At $20 Final 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 develop into the clearest middle of actual buying and selling exercise in crypto. In a sequence 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 attraction past the sector.

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

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What Cheung seems to be invoking is Solana’s transfer from a battered late-2022 asset into one of many cycle’s greatest winners. After buying and selling round $eight on the finish of 2022 and nonetheless hovering close to $23 in September 2023, SOL ultimately climbed to a recent all-time excessive of $295.83 in mid-January 2025. From a $20 reference level, that may 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 typically powered consideration cycles elsewhere. Cheung mentioned Hyperliquid is “gaining considerably extra media consideration and respect” as a result of its use circumstances are “centered round far more than dogshit memes.” In his telling, that offers the venture a stronger basis if speculative circumstances enhance once more.

Throughout 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, “Changing into extra clear by the day that Hyperliquid is the monetary buying and selling platform of the long run and that generational wealth will likely be made longing this coin. Suppose this has an opportunity to flip Robinhood, Interactive Brokers and many others… Hyperliquid is out innovating friends.”

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That may be a giant declare, and Cheung offered it as a product and market-structure thesis moderately than a short-term worth name alone. His view seems to hinge on two linked assumptions: first, that perpetual futures develop into a a lot bigger class than the market at present costs in, and second, that Hyperliquid captures a disproportionate share of that growth 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 mentioned buyers had been lacking “two issues” within the present market. The primary 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 will likely be larger than anybody expects,” including that one other asset, LIT, seemed deeply undervalued relative to HYPE on a payment foundation.

Cheung’s posts additionally clarify that timing issues. On March 9, he mentioned “HYPE to $120+” could be “fairly simple as soon as the crypto bull market comes again,” earlier than including: “We’re shut.” That implies his goal shouldn’t be primarily based on Hyperliquid working in isolation, however on the concept that a renewed bull part would amplify an already sturdy relative place. Notably, BitMEX founder Arthur Hayes recently argued that HYPE may attain $150 till August this yr.

At press time, HYPE traded at $36.16.

Featured picture created with DALL.E, chart from TradingView.com