Hyperliquid vs Solana: Which Has More Upside by 2030?
Hyperliquid has exploded while Solana stumbles, but hidden token supply and insider unlocks could flip the entire picture before 2030 even arrives.
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As of September 27, 2026, Hyperliquid (CRYPTO:HYPE) has seen an impressive gain of 266% this year, trading at $93. In contrast, Solana (CRYPTO:SOL) is down about 2.7%, currently valued at $124. These very different performances raise the question: which cryptocurrency, Hyperliquid or Solana, has greater growth potential by 2030?
Hyperliquid Is Up 266% for 2026, While Solana Is Down About 3%
Hyperliquid’s substantial rise isn’t closely tied to broader market trends, as Bitcoin (CRYPTO:BTC) has declined about 3.7% this year and is currently priced at $84,983. Over the past 60 days, HYPE has jumped 70%, up 47.6% over 90 days, meaning it fell in the month before that surge. This sharp volatility shows its ability to shift quickly.
In terms of investment returns, $1,000 invested in HYPE on January 1 is now worth around $3,660, while the same amount in SOL has dropped to roughly $973.
Solana’s recovery took longer to materialize. SOL barely moved between its June and July closes, ending July at $74. However, it rebounded by 67.8% in the following months, showing strong momentum similar to Hyperliquid’s gains. Still, with a year-over-year decline of 40.5%, early investors are still facing losses.
Hyperliquid and Solana serve distinct purposes in the crypto ecosystem. Hyperliquid operates primarily as a blockchain-based trading exchange, enabling public order recording. On the other hand, Solana is a general-purpose blockchain that facilitates payments and supports various trading applications as well as the highest number of tokenized stocks compared to any other network.
Hyperliquid Looks Smaller Only Because Most of Its Tokens Are Still Locked
When comparing market value, Hyperliquid stands at approximately $23.4 billion, while Solana is valued at around $72.8 billion, making it appear about three times larger.
However, only about 251 million of Hyperliquid’s 952 million total tokens are currently in circulation. The remaining tokens are set to be released through scheduled unlocks to the team and early investors. This means the market could soon see nearly three more tokens for every one currently available.
Taking into account all potential HYPE tokens, Hyperliquid’s fully diluted valuation reaches about $89 billion at its current price of $93. This surpasses Solana’s market value of around $73 billion, which is close to its fully diluted value, as most of Solana’s tokens are already circulating.
Solana Needs Less New Money to Double by 2030
To double in value by 2030, Hyperliquid (from $93) would need the value of all its tokens to rise to about $177 billion, while Solana (from $124) would need to reach about $146 billion.
Although Solana also introduces new tokens primarily as staking rewards to incentivize holders who lock their SOL, much of this supply is intended to benefit existing stakeholders. With Hyperliquid, however, the upcoming token unlocks primarily benefit insiders, who may look to sell.
Despite this, Hyperliquid may still have buyers that can offset these unlocks. The platform uses 97% of its trading fees to buy back HYPE tokens. Additionally, Hyperliquid Strategies, a Nasdaq-listed treasury company, purchased about $476 million worth of HYPE in the month leading up to September 25. Furthermore, three U.S. spot HYPE ETFs hold approximately $502 million in total.
Which Has More Growth Potential by 2030: Hyperliquid or Solana?
In the race toward 2030, Solana appears to have more room for growth. When you consider total token supply, Hyperliquid is actually larger at about $89 billion. Moreover, doubling HYPE requires about $31 billion more in valuation than Solana, and its token unlocks favor insiders.
Nevertheless, Hyperliquid’s current momentum, fueled by buybacks and treasury purchases, has pushed its performance up 266% this year—an achievement Solana has yet to match. If HYPE can hold gains despite the upcoming token unlocks, demand may outpace supply, increasing upside potential. If SOL drops below its July closing price of $74—roughly a 40% decline from current levels—optimism around Solana may weaken significantly.
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Sam Daodu is a crypto analyst who's spent nearly a decade making blockchain understandable—no easy task when most whitepapers read like fever dreams. He writes for 24/7 Wall St., covering Bitcoin, altcoins, and crypto market analysis for investors. Before crypto, he was a tech writer (back when explaining "the cloud" was peak innovation). Since 2018, he's written for CoinTelegraph, Yahoo Finance, The Block, Cryptonews, Zypto, Rain, and more—basically anywhere people want crypto news without the headache. Sam runs MacLabs Marketing, a content agency for crypto brands tired of sounding like AI wrote their website. He also publishes free crypto education on his site for Web3 enthusiasts who think "gas fees" is a typo. When he's not writing or staring at charts, Sam's either: - Watching anime (currently convinced One Piece has better tokenomics than most altcoins) - At the gym sculpting himself into a Greek god - Listening to the music your mum warned you only bad boys listen to Connect: LinkedIn | Email | MacLabs Marketing
