Hyperliquid: A Potential Game Changer Like Solana, Says Daniel Cheung

Daniel Cheung, co-founder of Syncracy Capital, believes that Hyperliquid’s native token, HYPE, is starting to mirror Solana's early stages before its significant price increase. Cheung argues that Hyperliquid is not just thriving within the cryptocurrency sector but also has the potential to evolve into a broader financial trading platform.

Key Takeaways

Daniel Cheung compares HYPE's current position to SOL at $20 before its last major rally.
The protocol has established itself as a key hub for trading activity in crypto.
Cheung predicts that Hyperliquid could surpass traditional trading platforms like Robinhood.
He believes that the perpetual futures market will expand significantly, benefiting Hyperliquid.
Cheung expects HYPE could reach over $120 once the crypto market revives.

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

Hyperliquid’s Promising Future

Daniel Cheung, co-founder of Syncracy Capital, has drawn an intriguing parallel between Hyperliquid’s native token, HYPE, and Solana’s early setup before its previous major price surge. Cheung asserts that Hyperliquid has become a vital center of actual trading activity in the cryptocurrency landscape. In a series of posts on X over the past month, he has presented a compelling argument: Hyperliquid is not only outperforming its crypto counterparts but could emerge as a significant financial trading platform beyond the cryptocurrency sphere.

Cheung’s most direct comparison occurred this week when he stated, “HYPE at $35 feels similar to SOL at $20 before its last cycle rally.” This positions Hyperliquid as an early frontrunner poised for broader market growth. He explained this perspective by highlighting Hyperliquid's current market status: “Hyperliquid is currently the main chain where trading activity is happening and the only chain attracting new users into crypto right now with its round-the-clock markets.”

Cheung appears to be referencing Solana's transition from a struggling asset in late 2022 to one of the most notable winners of the market cycle. After trading for around $8 at the end of 2022 and maintaining a price near $23 in September 2023, SOL reached an all-time high of $295.83 in mid-January 2025. From a reference point of $20, this represents an impressive rally of approximately 1,379%.

This argument stands out as it relies less on meme-driven popularity, which has often influenced market trends. Cheung noted that Hyperliquid is “gaining significantly more media attention and respect” because its use cases are “focused on much more than dogshit memes.” He believes that this creates a stronger foundation for the project should market conditions improve.

Throughout several posts, Cheung increasingly emphasizes Hyperliquid as more than just a crypto trading application; he sees it as a groundbreaking trading platform. On February 28, he expressed, “Every day it becomes clearer that Hyperliquid is the financial trading platform of the future, and generational wealth will be amassed by investing in this coin. I believe it could surpass Robinhood, Interactive Brokers, and others… Hyperliquid is out-innovating its competitors.”

This assertion carries significant weight, as Cheung views it as a combination of product and market positioning rather than merely a short-term price speculation. His perspective hinges on two intertwined assumptions: first, that perpetual futures will become a considerably larger market than the current valuations suggest, and second, that Hyperliquid will capture a significant share of this growth due to its existing user base.

On February 12, he articulated that investors were underestimating “two things” in the current market. The first being that “HYPE is the most exciting startup not related to AI and will eventually overtake COIN and HOOD.” The second point was about the perpetual futures category, which he believes will grow larger than anticipated; he also mentioned another asset, LIT, as undervalued compared to HYPE on a fee basis.

Cheung also underscored the importance of timing. On March 9, he predicted that “HYPE to $120+” will be “pretty easy once the crypto bull market returns,” adding that “We are close.” This implies that his price targets are contingent upon a resurgence in the market, which would enhance Hyperliquid's already robust position. Notably, BitMEX founder Arthur Hayes recently projected that HYPE could reach $150 by August this year.

As of this report, HYPE is trading at $36.16.

Hyperliquid price chart
HYPE rises above the 0.382 Fibonacci level, 1-week chart | Source: HYPEUSDT on TradingView.com