Hyperliquid (HYPE) is currently trading at $23.04, reflecting a significant 6.29% increase over the last 24 hours. The daily range between the high of $23.04 and the low of $20.86 indicates a 2.18% volatility, suggesting heightened trading activity amid recent price movements.

Volume has reached 245,484,296, representing 4.47% of the market cap, which signals strong market participation. However, the 1-hour RSI at 84 indicates that HYPE is currently overbought in the short term, which could lead to a price correction if buying pressure diminishes.

Moving averages indicate a bullish trend, with the 8 SMA at $22.51 showing a 2.37% gain and the 13 SMA at $22.03 up by 4.58%. The longer-term moving averages are less bullish; the 144 SMA at $22.81 only reflects a modest increase of 1.03%, suggesting potential resistance at these levels.

Despite the recent uptick, the 7-day RSI at 45 and a negative 7-day price change of -7.71% indicate that HYPE may be experiencing a short-term rebound after a broader downtrend. The 14-day and 30-day price changes of -6.78% and -7.52% respectively, further support the notion that HYPE has been under pressure for some time.

The all-time high of $59.30 from September 2025 remains significantly above the current price, indicating considerable room for growth if market conditions improve. However, the existing technical indicators suggest that HYPE may face resistance in maintaining its recent gains without further bullish momentum.

In conclusion, the current overbought conditions alongside recent price declines suggest caution in entering new positions at this level. Therefore, the recommendation for Hyperliquid (HYPE) is to Hold, as the potential for a pullback in the near term may present better entry points for future investments.