Hyperliquid (HYPE) is currently trading at $33.13, down 8.05% over the last 24 hours. The daily price range has been relatively tight, with a high of $36.34 and a low of $32.46, indicating a market that is consolidating after recent volatility.

The trading volume of approximately $919 million represents 11.64% of the market cap, suggesting a healthy level of liquidity despite the recent price decline. The short-term moving averages (8 SMA and 13 SMA) are showing a slight bearish trend, while the longer-term 144 SMA indicates a potential support level at $31.70, up 4.52% over 14 days.

The current 1-hour RSI at 45 indicates a neutral position, while the 7-day RSI at 51 suggests that HYPE is neither overbought nor oversold. The 7-day price change shows a minor decline of 1.54%, yet the 14-day and 30-day changes of 57.85% and 25.26% respectively indicate strong upward momentum in the longer term.

Considering the all-time high of $59.30 reached on September 18, 2025, the asset still has significant upside potential. However, the recent decline and current technical indicators suggest caution, as the market appears to be in a corrective phase.

Given the technical indicators and the current price action, the recommendation is to Hold HYPE. While the long-term outlook remains positive, short-term volatility requires a careful approach before making any new investments.