Key on-chain metrics from Dune Analytics indicate that Hyperliquid is still in its early phase, with more upside potential.
The buzz surrounding the Hyperliquid ecosystem and its native token, HYPE, remains in the hearts of many crypto traders and investors. It is on full throttle to new highs following a strong rally for the HYPE token to a new all-time high and increased whale activity in its ecosystem, which signifies strong volume activity.
Recent price action for HYPE has sparked a highly controversial argument on crypto Twitter. Crypto experts and on-chain analysts are drawing strong comparisons between HYPE’s price action and activities and those of SOL in 2021 and 2023.
On-chain trader and analyst Ansem has hinted that the current price action of Hyperliquid (HYPE) is no different from that of SOL in 2021 before the FTX collapse, as he believes such a fractal nature of HYPE could strongly influence its price to the upside.
Additionally, crypto expert Gumshoe has shared a similar sentiment regarding the current price action of HYPE, as the price is displaying a replica of SOL’s price action. He further stressed noobs would blindly want to short the price of HYPE, forgetting its over-price action is bullish, leading to huge liquidation.
Why would these crypto experts bet strongly on the price action of this project?
In 2021 and 2023, Solana’s blockchain technology established itself as a strong competitor in the crypto space, providing a key solution to the excessive hike in gas fees on the Ethereum network due to demand.
Solana’s throughput at low transaction fees was the game-changer for many traders and investors tired of paying so much for gas fees. The emergence of memecoins generated significant volume for the Solana ecosystem, marking the shift needed, which sparked numerous rallies that reached a high of $200.
Hyperliquid (HYPE), on the other hand, is a new entrant generating an extraordinary volume from its decentralized (DEX) exchange, which trades for perpetual traders on the layer-1 blockchain.
Not only does it provide a decentralized trading experience that breaks the monopoly of centralized exchanges, but its throughput and transaction fees are also seen as some of the best in the years following Solana. This has led to significant demand for its usage in the past few months, as experts believe it has the potential to reach $100.
Hyperliquid has demonstrated other potential in its price action and ecosystem growth, suggesting that the price will continue to rally to the upside.
Source – Hyperliquid Stats On Dune
In 2023, at the bottom of the bear market, a $40 SOL price was considered a steal for many, as the price made its way toward new historical highs of $295 before suffering a major price crash. Such institutional drivers for the price could be playing out for HYPE, with Hyperliquid witnessing tremendous growth in the last few months, as reflected in the Dune dashboard.
With over 455,000 users and $3.5 billion in total cumulative inflow on the Hyperliquid platform, the market sentiment and ecosystem remain in a growing phase, with more opportunities still in the pipeline that could significantly positively impact the price and ecosystem growth in a few months.
While many factors could spur the price of HYPE to new highs, its current price action suggests that the HYPE token has more upside potential, leading to a significant comparison on X of its potential, as this remains one of the best bets of 2025.
