Hyperliquid (HYPE) is currently trading at $29.26, reflecting a 24-hour decline of 5.49%. The daily price range has been relatively tight, with a high of $31.17 and a low of $28.25, indicating a bearish trend in the short term.

The trading volume stands at approximately $341.74 million, contributing to a market cap volume ratio of 4.31%. This suggests a moderate level of trading activity, yet the downward price action over the past week and month—recording changes of -11.76% and -31.31%, respectively—indicates increasing selling pressure.

Technical indicators show that the hourly moving averages are predominantly negative, with the 8 SMA at $29.35 reflecting a minor decline of 0.31%. Moreover, the 21 SMA at $30.21 shows a more significant decline of 3.14%, reinforcing the prevailing bearish sentiment.

The 1-hour RSI is currently at 36, suggesting that HYPE is approaching oversold conditions, while the 7-day RSI at 47 indicates that there may still be room for further downside. The lack of positive momentum signals a potential continuation of this downtrend unless market conditions change.

Given that HYPE is currently trading well below its all-time high of $59.30 from September 2025, the long-term outlook remains cautious. The significant price drop over the last 30 days underscores a critical need for bullish reversal signals to regain investor confidence.

In conclusion, the technical indicators and price action suggest a bearish outlook for Hyperliquid. Therefore, a Sell rating is warranted until there are clear signs of a trend reversal or stabilization in price.