Hyperliquid (HYPE) is currently trading at $24.30, reflecting a 24-hour change of -2.36%. The daily price range has been relatively narrow at 1.22%, with a high of $25.49 and a low of $24.27, indicating limited volatility in the short term.

The trading volume stands at approximately $231.71 million, which translates to a volume-to-market cap ratio of 4.00%. This indicates that there is a moderate level of trading activity, but the declining price trends over the past week (-10.21%), two weeks (-16.55%), and month (-22.61%) suggest bearish momentum.

Technical indicators further support the bearish outlook, with the 1-hour RSI at 33, which is indicative of oversold conditions. Additionally, the short-term moving averages are trending downwards, with the 8 SMA at $24.84 and the 13 SMA at $24.89, both showing negative changes, reinforcing the weakness in momentum.

Despite the all-time high of $59.30 reached on September 18, 2025, HYPE is currently trading at a significant discount. The prolonged downtrend suggests that sellers are currently dominating the market, and the lack of bullish signals in both volume and RSI reinforces a cautious stance.

Given the current technical and fundamental indicators, the recommendation is to Hold HYPE. While the price is significantly lower than its all-time high, the ongoing downtrend and bearish momentum indicate that entering a new position could carry substantial risk at this time.