Hyperliquid Must More Than Triple to Overtake Solana's Market Value

Hyperliquid (HYPE), worth about $21 billion, is far behind Solana's (SOL) market value of roughly $69 billion. To reach a point where HYPE is worth more than SOL, its price would need to more than triple 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 the question: Can Hyperliquid ever surpass Solana in market value, given that Solana is a comprehensive platform suitable for various applications?

When comparing market value, it's essential 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.

However, this comparison is somewhat misleading. It pits HYPE's potential future supply against Solana's existing supply. Most Solana SOL tokens are actively traded, so its fully diluted value closely aligns with its market value. As a result, Solana maintains a market capitalization approximately 3.3 times larger than Hyperliquid's.