Hyperliquid (HYPE) is currently priced at $28.89, reflecting a 6.49% decrease over the past 24 hours. The daily trading range has been narrow at 2.1%, with a high of $30.91 and a low of $28.81, indicating reduced volatility in the short term.

The trading volume stands at approximately 298.95 million, contributing to a volume-to-market cap ratio of 4.34%. This relatively high volume suggests active trading, but the price decline indicates selling pressure may be outweighing buying interest.

Technical indicators show the hourly moving averages are all below the current price, with the 8 SMA at $29.67 and the 13 SMA at $29.65, both suggesting a bearish trend. The 1-hour RSI at 41 indicates the asset is nearing oversold territory, while the 7-day RSI of 45 confirms a lack of upward momentum in the medium term.

From a broader perspective, the 7-day and 14-day price changes are negative at -12.46% and -10.92%, respectively, pointing to a continued downtrend. However, the 30-day price change is positive at 17.20%, suggesting that HYPE has seen some recovery over a longer timeframe, but recent trends are concerning.

The all-time high for HYPE was recorded at $59.30 in September 2025, which suggests significant potential upside if the market conditions improve. However, the current bearish indicators and recent price action warrant caution for short-term traders.

Given the current market data and technical indicators, the recommendation is to Hold HYPE. The negative short-term momentum alongside the potential for recovery in the longer term creates a scenario where holding is preferable to selling, while waiting for a potential reversal signal.