Hyperliquid (HYPE) is currently trading at $24.34, reflecting a significant 8.32% decline over the last 24 hours. The daily price range has been relatively tight, fluctuating between a high of $27.90 and a low of $24.25, indicating a bearish sentiment in the short term.

The trading volume stands at 557,984,481, which is substantial and accounts for 8.47% of the market cap. However, the sharp drop in price coupled with a 1-hour RSI of 15 suggests that the asset is oversold, indicating potential for a short-term rebound despite the negative momentum.

Short-term moving averages reveal a consistent downtrend, with the 8 SMA at $24.99 showing a decline of 2.60% and the longer-term 144 SMA at $28.15 down 13.53%. This declining trend across all moving averages indicates a lack of bullish support and reinforces the current bearish market structure.

The 7-day RSI at 42 and a continued price decline of 16% over the past week signals further weakness in investor sentiment. Additionally, the 14-day and 30-day price changes of -29.85% and -37.37% respectively underscore the asset's long-term bearish trajectory since its all-time high of $59.30 reached on September 18, 2025.

Given the combination of a high trading volume, oversold RSI levels, and persistent downward movement in moving averages, HYPE is exhibiting signs of potential consolidation at these lower levels. However, the overall market sentiment remains bearish, suggesting that a more favorable entry point may present itself in the near future.

In conclusion, the current analysis leads to a Hold rating for Hyperliquid (HYPE). Investors should consider waiting for confirmation of a trend reversal before entering new positions, as the asset remains under significant bearish pressure.