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Preface: I'm bullish on both ecosystems. When Hyperliquid's native token flipped $SOL on June 3, I said Solana was likely to outperform $HYPE on a relative basis. Here's why: • $HYPE was making fresh all-time highs, while $SOL was still trading roughly 75% below its peak and had repeatedly defended the $250+ region in previous cycles. • After such a strong rally, $HYPE looked vulnerable to profit-taking and risk reduction. • Solana had several new growth catalysts and narratives developing, while $HYPE lacked a fresh narrative to sustain momentum. I still believe both are high-quality assets. If crypto finds a new local bottom, I expect both $SOL and $HYPE to rebound strongly—but history shows that fundamentally strong ecosystems often lead the recovery once market sentiment turns.