There is enough variation on links on the web that you can safely stylize. The most important things are:

1. Proper contrast. Hyperlinks should look different than the rest of the text
2. Consistency. Only hyperlinks should have the styling. Don't share with other non-hyperlink items.

Examples of styling could be:

red with underline on hover
green bold underline with no underline of hover
bold blue no underline but turns lighter blue on hover

The possibilities are endless. As a general rule I never underline non hyperlinked text...especial if it's colored text . Looks just like a hyperlink. The worse is is when people underline lots of text but don't have underlines on the hyperlinks. Totally confusing.