SOL drops to 2023 lows as HYPE flips it on price!

Solana's SOL token has fallen to its lowest price levels since 2023, a decline steep enough that Hyperliquid's HYPE token has overtaken it in nominal price terms — a symbolic milestone that underscores just how far SOL has retreated from its 2024 highs.

Why it matters

A price flip of this kind carries psychological weight in crypto markets even when market caps tell a different story. Hyperliquid has emerged as one of the most talked-about decentralised perpetuals platforms of the past year, and HYPE surpassing SOL in raw price is the kind of headline that draws retail and institutional attention alike. For Solana, the move reflects a broader risk-off rotation away from high-beta layer-1 assets as macro headwinds and declining on-chain activity compress valuations across the ecosystem.

Market impact

SOL trading at multi-year lows puts key long-term support levels in focus — a sustained break below 2023 floors historically invites further capitulation before a structural base forms. HYPE's relative strength, meanwhile, signals that narrative momentum in DeFi is shifting toward purpose-built derivatives infrastructure. Traders will be watching whether SOL can reclaim lost ground or whether the current level becomes a new ceiling.