Daniel Cheung compares HYPE at $35 to Solana at $20 last cycle

Cheung likens HYPE at $35 to SOL at $20 before its last run. He says Hyperliquid is where real trading happens now. HYPE trades at $36.16.

“HYPE at $35 feels similar to SOL at $20 before its last cycle rally,” wrote Daniel Cheung, co‑founder of Syncracy Capital. He calls Hyperliquid “the main chain where trading activity is happening” and the only chain “bringing new users into crypto” thanks to 24/7 markets.

He points to Solana’s rebound. SOL hovered near $23 in Sep 2023, then hit $295.83 in mid‑Jan 2025. From a $20 reference, that implies roughly 1,379%.

Cheung distances this thesis from memes. He says Hyperliquid is “gaining significantly more media attention and respect” with use cases “centered around much more than dogshit memes.”

He frames Hyperliquid as a trading venue, not a single‑app bet. “Generational wealth will be made longing this coin,” he wrote on Feb 28. “Think this has a chance to flip Robinhood, Interactive Brokers etc… Hyperliquid is out innovating peers.”

His thesis rests on two points. Perpetual futures grow far bigger than the market prices in. Hyperliquid captures an outsized share because users already trade there.

On Feb 12, he added that HYPE is “the most exciting startup not in AI” and could “eventually flip COIN and HOOD.” He also said LIT looks undervalued versus HYPE on fees.

Timing matters in his view. On Mar 9, he wrote “HYPE to $120+” would be “pretty easy once the crypto bull market comes back.” BitMEX founder Arthur Hayes recently said HYPE could reach $150 by August this year.