Arthur Hayes, co-founder of BitMEX, set a $150 price target for Hyperliquid (HYPE) and said the token should surpass Solana (SOL) before the current bull run ends.
Hayes posted the call on X, pushing back against widespread claims that the crypto market has turned bearish.
Hayes Pushes Back on Bear Market Sentiment
The posts drew quick skepticism. When one user declared they were in “a bear market,” Hayes replied that his speculative altcoin holdings disagreed.
He argued that this divergence between broad market weakness and outperforming high-risk assets points to a bull market that remains intact for the right positions.
Hayes has previously bought into HYPE, accumulating over 26,000 tokens. His latest posts suggest that position has grown into a high-conviction bet. He cited the Clarity Act and TradFi resistance in his thesis.
Can HYPE Overtake Solana Before the Cycle Ends
Hayes has previously forecast a bull cycle running through 2028, anchored by stablecoin expansion and increased speculative trading volumes.
Hyperliquid’s buyback program has deployed over $1.16 billion to repurchase HYPE in the open market, providing a structural bid below the market price. The protocol’s revenues have also grown sharply, with Hyperliquid Strategies reporting $152.5 million in quarterly profit.
Hayes believes HYPE can overtake Solana before the bull run ends, even though Solana currently holds a significantly larger market cap and remains the dominant smart contract platform for DeFi and speculative trading.
Bitwise CIO Matt Hougan has reached a similar conclusion on HYPE, describing it as a generational asset. Bitwise CIO Matt Hougan has reached a similar conclusion on HYPE, describing it as a generational asset that should be valued against the $600 trillion global market, not crypto’s $3 trillion universe.
He called Bitwise’s BHYP ETF the strongest single-asset crypto ETP launch since Bitcoin, with nearly $60 million in inflows since mid-May. Hougan labels HYPE a “Gen 2 token” because 99% of fees are used to buy back the token.
Whether HYPE can close that gap with Solana depends on how far the speculative cycle extends. It also hinges on whether Hyperliquid’s revenue trajectory continues to justify the premium Hayes and other institutional backers are now underwriting.
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