Hyperliquid (HYPE) is currently trading at $25.51, reflecting a 24-hour decline of 2.35%. The daily trading range has been relatively tight, with a high of $26.32 and a low of $25.37, indicating limited volatility in the short term.

Volume remains robust at 177,225,098, contributing to a volume-to-market cap ratio of 2.91%. Despite the recent price dip, the 7-day RSI is at 54, suggesting a neutral momentum, while the 1-hour RSI at 46 indicates near-term bearish sentiment, as it approaches oversold territory.

Short-term moving averages are predominantly trending downwards, with the 8 SMA at $25.92 reflecting a decline of 1.58%. However, the 144 SMA shows a positive change of 1.11% at $25.23, indicating a potential support level that may stabilize the price.

In terms of price performance, HYPE has experienced a 7-day increase of 2.41%, but this is overshadowed by a notable 14-day decline of 6.09% and a significant 30-day drop of 25.71%. The all-time high of $59.30 reached on September 18, 2025, highlights the potential for recovery but also points to considerable distance from current levels.

Given the current technical indicators and the downward pressure from moving averages, along with the overall bearish trend in the longer time frames, a cautious approach is warranted. The current market conditions suggest maintaining a Hold rating, as potential support at the 144 SMA may provide a basis for stabilization, while the bearish indicators indicate that further declines could occur before a sustainable recovery is realized.