Hyperliquid’s native token, HYPE, has recently caught the attention of market watchers for reasons that go beyond surface-level price action. A growing number of crypto enthusiasts and analysts are drawing striking parallels between HYPE’s current trajectory and the early 2021 breakout that launched Solana (SOL) into the spotlight. With technical patterns aligning closely and on-chain fundamentals creating strong tailwinds, some believe HYPE could be gearing up for a major rally — potentially topping out at a 240% gain by July.
Déjà Vu? HYPE Mirrors Solana’s 2021 Momentum
In the crypto world, price fractals — recurring technical patterns — often serve as a compass for speculative traders. And right now, HYPE appears to be drawing its roadmap straight from Solana’s explosive 2021 breakout.
Back in early 2021, Solana ended a lengthy consolidation period and pierced through key Fibonacci levels, sparking a vertical rally from $4.90 to nearly $19 in just under two months — a staggering 291% increase. The surge was triggered by strong technical momentum and growing network activity, creating a perfect storm for bullish sentiment.
Fast forward to May 2025, and HYPE is painting a similar picture. After bouncing over 270% off its April lows of around $10, HYPE surged past the 1.0 Fibonacci retracement level near $35.88 on May 23. The move mimics Solana’s early breakout setup, suggesting that HYPE could be entering a similar phase of momentum-driven growth.
RSI Signals Strength — and a Warning
One of the most telling signs of momentum comes from the relative strength index (RSI). HYPE’s RSI has surged above 84, putting it firmly in overbought territory. While this could prompt some caution in the short term, seasoned traders will recognize that such extreme RSI levels often precede rapid upward moves — a pattern also observed in Solana’s breakout run.
If HYPE continues along this familiar path, the next technical milestones lie at the 1.618 Fibonacci extension near $51.68, followed by the 4.618 level at approximately $128 — the latter representing a potential 240% rally from the recent breakout.
What’s Driving the HYPE?
Beyond technicals, there’s a fundamental narrative fueling HYPE’s rise. According to popular analyst Ansem, Hyperliquid is carving out a niche by merging the high-speed performance of Solana with the vision of FTX — only without the centralization baggage. Unlike FTX’s opaque backend, Hyperliquid operates entirely onchain, bringing greater transparency and resilience to the table.
Ansem also pointed out a unique value proposition: 97% of Hyperliquid’s trading revenue is redistributed directly to HYPE tokenholders. This not only aligns incentives but also creates a powerful feedback loop where the token benefits as the platform grows. With such fundamentals, he believes HYPE is well-positioned to reach new all-time highs.
Familiar Patterns Breed Confidence
The crypto market has a history of repeating itself. Take Ethereum’s 2017 rally, which mirrored Bitcoin’s 2013 breakout almost perfectly. These historical echoes often breed confidence among traders and attract momentum-driven buyers looking to catch the next wave.
In HYPE’s case, the visual and technical resemblance to Solana’s 2021 run isn’t just a curiosity — it’s a narrative that’s pulling in speculators. With chart patterns reinforcing bullish expectations and platform fundamentals backing them up, HYPE may very well be on the cusp of its own “Solana moment.”
Whether history truly repeats itself or merely rhymes, one thing is clear: HYPE is no longer flying under the radar. And if the current trend holds, the months ahead could be pivotal for Hyperliquid’s breakout story.
