Cryptocurrency

Hyperliquid Is Up 218% This Year While Solana Is Down 18%. Which Is the Better Buy?

One crypto is up more than 200% this year while the other sits near multi-year lows, but price alone does not tell the whole story. The real battle comes down to who controls the demand, and the answer may surprise…

By Sam Daodu
Published October 28, 2026, 8:41pm ET · 3 min read

The Crypto Desk desk. Editor: Sam Daodu.

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A metallic balance scale is centrally positioned. On the left side, a stack of shiny silver coins, illuminated with a blue glow, supports a large, neon blue 'H' symbol and an upward-pointing arrow. The background shows blurred financial tickers. On the right side, a stack of cracked, reddish-bronze coins, glowing orange, supports a large, neon orange dollar sign ($) and a downward-pointing arrow. The background features a blurred electronic circuit board pattern. The left side of the scale is slightly lower than the right, suggesting more weight or positive momentum.
This image visually represents the contrasting performance in the crypto market, with Hyperliquid's upward trend highlighted against potential declines in other assets or traditional currency value. © 24/7 Wall St.

Hyperliquid (CRYPTO:HYPE) has emerged as a standout performer in a challenging year for cryptocurrencies. HYPE is currently trading at $80, up 216% from its $25 close at the end of 2025. In contrast, Solana (CRYPTO:SOL) has declined, trading at $101, down 18.6% over the same period.

Solana’s downturn is more pronounced than the overall market. While Bitcoin (CRYPTO:BTC) dropped by 7.9% in 2026, Solana’s value fell by 34% in 2025 alone. Hyperliquid surpassed Solana’s price around June 2026 as SOL hit a low not seen since 2023.

Both coins have faced challenges in October 2026. HYPE is down 8.1% over the past 30 days and trades 17.9% below its September 23, 2026 peak of $98. Meanwhile, SOL has dropped 14.7%, trading 65.4% below its all-time high of $293 from January 2025. With such an uneven year behind us, which coin looks like the better investment going forward?

Solana Is Still Worth Three Times More Than Hyperliquid

Solana SOL Physical Coin Placed on Reflective Surface and lit with green light

DIAMOND VISUALS / Shutterstock.com

When comparing two cryptocurrencies, looking only at the price per coin can be misleading because each has a different circulating supply. A more accurate measure is market cap, which is calculated by multiplying the price by the circulating supply. Solana’s market cap stands at about $59.82 billion, placing it 7th among all cryptocurrencies, while Hyperliquid’s market cap is approximately $19.25 billion, ranking 11th.

Even after Hyperliquid’s impressive gains, Solana is still valued at roughly 3.1 times HYPE. HYPE’s higher price in June 2026 didn’t reflect which network was bigger.

A key risk for HYPE holders is its circulating supply. Hyperliquid’s circulating supply has increased to around 239.41 million from about 222.4 million, but the reason for the change is unexplained. This rise inflated HYPE’s market cap without a corresponding price increase.

Hyperliquid has had scheduled unlocks, where tokens promised to early contributors become available for sale, including one in early October 2026. An increase in circulating supply means more buying pressure is needed just to maintain the price, so a return to $98 would likely require a larger market cap than the September peak.

Hyperliquid’s Buybacks and New Listings Fuel Demand

HYPE - red Button on grey Computer Keyboard. blurred in motion background.

Melnikov Dmitriy / Shutterstock.com

Hyperliquid operates a cryptocurrency exchange and uses trading fees to buy back HYPE on the open market through its Assistance Fund. Higher trading activity drives higher fees, which support further HYPE purchases. This buying activity helped propel HYPE from a low closing price of $21 on January 20, 2026, to a high of $97 on September 22, 2026.

Recently, several U.S. platforms have added HYPE trading, providing American traders with a regulated way to buy and sell HYPE. This new access could drive more HYPE trading volume.

Solana’s ETFs and Corporate Sell-Offs Are Concerning

A hand arranging wooden blocks to form the acronym ETF on a light wooden surface. This image illustrates investment concepts, financial education, and stock market strategies.

daily_creativity / Shutterstock.com

On October 27, 2026, Solana ETFs experienced a significant outflow, losing $19.16 million, marking the largest one-day drop since September 28, 2026. In this period, only four sessions saw net inflows, sharply contrasting with an earlier stretch when Solana funds attracted money while Bitcoin struggled.

Total cumulative inflows have decreased to $1.51 billion, down from $1.62 billion on September 29, 2026. Total assets in these funds have fallen to $1.54 billion from $1.94 billion over the same period.

Additionally, corporate holders are also unloading Solana. SkyAI, a Solana-associated treasury company formerly known as Sharps Technology, sold its entire SOL holdings by October 16, 2026. Solana’s decentralized exchange market is also contracting, reducing the trading activity that once drove demand for SOL.

So Which Is the Better Buy, Hyperliquid or Solana?

Hyperliquid looks like the more attractive investment, since its buybacks link demand directly to trading activity while Solana keeps facing ETF outflows, though a recent spike in supply from unlocked tokens adds some risk. HYPE first needs to stabilize above its 200-day average of $66, then recover the 50-day average of $85, before a retest of $98 looks realistic; a close below the 30-day low of $76 would send it back toward the 200-day average.

Solana has more hurdles to overcome. It must reclaim its 50-day average of $109 and its 2025 close of $125, with its 200-day average of $88 as a key support level. Losing this floor while ETF outflows continue could take Solana back to its June 2026 low close of $62. ETF flow data will be the clearest signal; a full week of net inflows would show the selling pressure has eased.

Contact [email protected] for any questions or corrections.

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Sam Daodu

Sam Daodu is a crypto analyst and the editor of 24/7 Wall St.'s Crypto Desk, where he covers Bitcoin, XRP, Ethereum, Solana and the altcoins investors search for most. His work focuses on price levels, spot ETF flows, on-chain data and the regulatory decisions that move crypto markets, written so a first-time buyer and a seasoned trader can both use it.
Sam has written about crypto professionally since 2019 and has published more than 2,000 articles. Before joining 24/7 Wall St., he wrote for crypto media outlets and Web3 companies and ghostwrote for crypto founders and token launches. His analysis is syndicated on Yahoo Finance, MSN and AOL and has been cited by other crypto news sites. He also founded MacLabs Marketing, a content and personal branding agency for crypto founders and executives.
When he isn't reading charts, Sam is usually at the gym or watching One Piece, a series he maintains has better tokenomics than most altcoins.

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