TRON (TRX) and Hyperliquid (HYPE) Are About 23% Below Their Record Highs. Solana Is 66% Below. Which Gets Back First?

TRON (CRYPTO:TRX) and Hyperliquid (CRYPTO:HYPE) are both trading within 24% of their all-time highs, while Solana (CRYPTO:SOL) trades 65.6% below its peak value. As of October 25, 2026, TRX is priced at about $0.33, just 23.7% below its record high of $0.43, set on December 3, 2024. Meanwhile, HYPE is trading at about $76, which is 21.9% below its all-time high of $98 from September 23.

In contrast, SOL trades at about $101, significantly down from its peak of $293 on January 19, 2025. Since late September, SOL has fluctuated between a high of $125 on September 27 and a low of $99 on October 24, and it has declined 47.2% over the past year.

So, which of these three coins is most likely to reach a new all-time high first?

Hyperliquid Needs the Smallest Rally to Reach Its Record

An all-time high represents the highest price a cryptocurrency has ever achieved. A recovery requires a larger percentage gain than the prior drop because the rebound starts from a lower price. For example, a coin that falls 23.7% will need to gain 31.1% from its reduced price to regain its peak.

HYPE requires the smallest increase at 28.1%, with TRX close behind at 31.1%. In stark contrast, SOL would need a massive 190.4% rally to reclaim its former glory. However, momentum varies widely among these coins. Over the last 30 days, TRX has slipped only 2.4%, while HYPE has dropped 18.1% and SOL has fallen 16.5%.

TRON’s Stablecoin Traffic Stabilizes TRX’s Price but Slows Gains

TRON operates a blockchain designed for low-cost transactions, primarily driven by the high volume of USDT, Tether’s dollar-pegged stablecoin. Users pay network fees in TRX, leading to consistent demand for the token due to heavy stablecoin traffic.

A Nansen report released on October 22 highlighted TRON’s strong position in stablecoin settlement volume for the third quarter and the introduction of the first TRX exchange-traded fund, which lets investors hold TRX through brokerage accounts.

Despite this strong usage, TRX has shown limited price movement, with only a 2.4% decline over the past month. This suggests a trading pattern within a narrow range, indicating that a significant climb to regain 31.1% might require sustained positive revenue growth.

Hyperliquid’s Fee Buybacks Bolster HYPE, Yet Momentum Is Declining

Hyperliquid operates a decentralized exchange focused on perpetual futures—contracts that track asset prices without expiration. The protocol allocates trading fees to an Assistance Fund, which buys HYPE tokens from the market. Hyperliquid Strategies (NASDAQ:PURR) says 99% of protocol fees go towards HYPE buybacks and token burns. In its August 27 report, the Hyperliquid ecosystem generated about $945 million in value over the past year.

Furthermore, Hyperliquid Strategies said Coinbase (NASDAQ:COIN | COIN Price Prediction) would transfer about 90% of the reserve yield on $5.5 billion of USDC to the protocol, starting October 3. On October 23, the treasury company also increased its stock buyback program to $100 million, although this targets PURR shares rather than HYPE. Nevertheless, HYPE faces higher momentum risks, having dropped 18.1% in the last month.

Solana’s Alpenglow Upgrade Has Yet to Boost SOL’s Price

The Alpenglow upgrade aims to enhance Solana’s consensus process, which validates transactions. The Solana Foundation considers it the most significant change to the Solana protocol, with the first phase launching on October 21. This upgrade reportedly reduces transaction finality to a fraction of a second. However, SOL’s price closed at $107 on the day of the upgrade and has since fallen about 5.5% to $101.

In the long run, decentralized finance applications and stablecoins may increase demand for SOL. That said, SOL’s most active trading day in the past month was October 8, when it fell 5.7% from $116 to $110.

Which Coin Is Likely to Hit a New All-Time High First?

In our estimation, HYPE has the best shot at reaching a new all-time high first. It needs the smallest rally at 28.1%; it set its record only a month ago, and ongoing buybacks support the token. TRX follows closely at 31.1% but moves more slowly, which could delay its climb back to $0.43 until HYPE surpasses $98. Solana appears the least likely to recover quickly, as it must first overcome $125, about 23.7% higher.

However, this prediction comes with risks. If Hyperliquid’s fee revenue declines, the Assistance Fund may buy fewer tokens, pushing HYPE lower than TRX. If HYPE exceeds $98 before TRX reaches $0.43, our analysis stands. Yet, if SOL dips below its $99 low from October 24, it would face an even steeper challenge in reclaiming its previous heights.

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