Hyperliquid (HYPE) is currently trading at $29.32, reflecting an 8.12% decline over the last 24 hours. The price has experienced significant volatility, with a daily range of 5.93% and a high of $34.26, indicating strong selling pressure in the short term.

Volume stands at approximately $809.5 million, contributing to a volume-to-market cap ratio of 11.56%. This high trading volume suggests considerable interest from investors, although the downward price movement indicates that selling has outpaced buying.

Technical indicators show that all short-term moving averages (8 SMA, 13 SMA, 21 SMA, and 55 SMA) are currently below the current price, suggesting a bearish trend. The 144 SMA is the only moving average above the current price, signaling potential support at $26.99, which aligns with the overall bearish sentiment reflected in the 1-hour RSI of 35, indicating oversold conditions.

In contrast, the 7-day RSI at 57 suggests that HYPE is nearing overbought territory, showing some strength in the medium-term outlook. However, the lack of upward momentum in the short-term indicators could lead to further declines unless buying interest increases significantly.

Considering the recent price action and technical indicators, the outlook for HYPE appears cautious. The current selling pressure and the positioning of moving averages indicate potential for further declines, especially if the price breaks below the support at $26.99.

Given the combination of technical weakness, the recent price drop, and a bearish short-term trend, I rate Hyperliquid (HYPE) as a Sell. Investors should consider exiting positions or waiting for a more favorable entry point, as the current environment does not favor upside momentum.