Hyperliquid (HYPE) is currently trading at $28.73, experiencing a 24-hour decline of 3.07%. The daily trading range has been relatively narrow at 1.37%, with a high of $29.88 and a low of $28.51, indicating consolidation around the current price level.

The trading volume stands at approximately 169 million, with a volume-to-market cap ratio of 2.47%. This suggests moderate trading activity, but the downward price movement implies a lack of strong buying interest in the short term, as reflected by the negative changes in the hourly and daily moving averages.

Technical indicators reveal a bearish sentiment, with the 1-hour RSI at 40, indicating potential oversold conditions. The 7-day RSI at 47 further supports this notion, hinting that there may be limited upside momentum in the immediate term as the price has decreased by 3.24% over the last week.

From a longer-term perspective, HYPE has experienced a significant price drop of 16.67% over the past 14 days, while the 30-day change reflects a more favorable 19.86% increase. However, the recent downtrend raises concerns about sustainability, especially given that the price remains significantly below its all-time high of $59.30 reached in September 2025.

Given the current technical setup, including the bearish moving averages and RSI readings, along with the recent price trends, the market sentiment appears to be shifting towards caution. Therefore, the recommendation is to Hold HYPE at this stage, monitoring for signs of recovery or further weakness before making any new investment decisions.