Hyperliquid (HYPE) is currently trading at $24.90, reflecting a 3.94% increase over the past 24 hours. The daily trading range has been relatively narrow at 1.19%, with a high of $24.99 and a low of $23.80, indicating a period of consolidation.

Trading volume stands at approximately 159.73 million, with a volume-to-market cap ratio of 2.37%. This suggests moderate liquidity, but the volume does not indicate strong buying pressure, as evidenced by the price changes over the past week (-14.08%), two weeks (-16.90%), and month (-26.69%), all reflecting a bearish trend.

Technical indicators show a bullish short-term sentiment with the 8 SMA, 13 SMA, and 21 SMA all trading above their respective values, suggesting upward momentum. However, the 55 SMA is slightly bullish while the 144 SMA indicates a potential reversal, trading below the current price at $25.03.

The 1-hour RSI is at 64, indicating that HYPE is nearing overbought territory, while the 7-day RSI is at 47, suggesting that the asset has room for upward movement without being overextended. The proximity of the 1-hour RSI to overbought levels may trigger a pullback if buying momentum wanes.

Despite the recent positive price action, HYPE is still significantly below its all-time high of $59.30, achieved in September 2025. The persistent negative price changes over the last month indicate that investor sentiment remains cautious, leading to a potential risk of further declines if the current upward momentum fails to sustain.

In summary, while there are short-term bullish signals, the broader trend remains bearish with significant overhead resistance indicated by the 144 SMA. Given the current technical setup and the recent price action, I recommend a Hold rating, advising investors to watch for confirmation of sustained upward momentum before considering new positions.