Hyperliquid (HYPE) is currently trading at $24.88, reflecting a 3.37% increase over the past 24 hours, despite a daily trading range of only 0.79%. The volume stands at approximately $99 million, with a volume-to-market cap ratio of 1.67%, indicating moderate trading activity relative to its market capitalization.

The short-term moving averages are displaying bullish momentum, with the 8 SMA and 13 SMA both above $24.50, suggesting a potential upward trend. However, the longer-term 144 SMA indicates a decline of 3.46%, which raises concerns about sustainability in the recent price action, particularly as the price remains below this longer-term average.

The 1-hour RSI is at 69, indicating that HYPE is nearing overbought territory, while the 7-day RSI at 46 suggests that the asset is more neutral to bearish over a longer timeframe. Furthermore, the 7-day and 14-day price changes are negative, with declines of 8.48% and 3.89%, respectively, signaling a potential downward trend if the current momentum does not hold.

The all-time high of $59.30 reached on September 18, 2025, shows that HYPE has significant room for growth but also highlights the volatility it has experienced. Given the current price is significantly lower than its all-time high, there is potential for recovery; however, the recent downward price changes over various timeframes necessitate caution.

In conclusion, while HYPE is experiencing a short-term rally, the negative momentum observed in the longer term and the current overbought conditions suggest that this might be a temporary spike. Therefore, the recommendation is to Hold HYPE, as potential upward movement is limited until further bullish indicators emerge, and existing downward trends are addressed.