Arthur Hayes Predicts Hyperliquid Could Surpass Solana Before Bull Market Ends

BitMEX co-founder Arthur Hayes has doubled down on his bullish outlook for Hyperliquid (HYPE), predicting that the fast-growing cryptocurrency could eventually surpass Solana (SOL) in market capitalization before the current crypto bull cycle concludes.

In a recent post on X, Hayes dismissed growing concerns about a prolonged market downturn and highlighted Hyperliquid’s strong momentum. Referring to a list of top cryptocurrencies by market value, he stated that HYPE should “at a minimum” overtake Solana before the bull run is over.

The prediction is ambitious given the current gap between the two assets. At the time of Hayes’ post, Solana’s market capitalization stood at approximately $47.7 billion, while Hyperliquid was valued at around $15 billion. For HYPE to match Solana’s current valuation, the token would need to gain more than 200%, implying a price target above $215 based on recent trading levels.

However, if Solana continues to appreciate during the bull market, Hyperliquid would need to achieve even greater gains to claim a higher ranking among the largest cryptocurrencies. This outlook suggests Hayes is now targeting a valuation significantly above his previous $150 HYPE price forecast.

Hayes also rejected claims that the cryptocurrency market has already entered a bear phase. According to him, the continued strength of selected altcoins, particularly Hyperliquid, indicates that the broader bull market remains intact despite volatility across major digital assets.

The investor’s confidence is backed by his own holdings, with reports indicating that he owns more than 26,000 HYPE tokens. Institutional interest has also increased, with Grayscale accumulating exposure to Hyperliquid and pursuing regulatory approval for related investment products.

Hyperliquid’s growing popularity is supported by strong fundamentals. The protocol has reportedly purchased more than $1.16 billion worth of HYPE through buyback programs, helping drive demand for the token. Additionally, Hyperliquid Strategies recently reported quarterly earnings of roughly $152.5 million, underscoring the platform’s expanding revenue base.

Industry leaders have echoed Hayes’ optimism. Bitwise Chief Investment Officer Matt Hougan recently described HYPE as a “generational asset,” arguing that investors should evaluate its potential within the context of the global financial system rather than solely the cryptocurrency market. Hougan also highlighted strong demand for Bitwise’s BHYP ETF, which has attracted nearly $60 million in inflows since mid-May.

Following Hayes’ latest comments, HYPE recorded a notable price increase, climbing more than 2.5% to trade near $69. Market participants continue to monitor whether Hyperliquid can sustain its rapid growth and potentially challenge Solana’s position among the leading digital assets as the crypto bull market progresses.