Hyperliquid (HYPE) is currently priced at $29.10, reflecting a 24-hour decline of 2.16%. The daily trading range has been relatively tight, with a high of $30.08 and a low of $27.97, indicating limited volatility but also a lack of upward momentum.

The trading volume stands at approximately $288.7 million, contributing to a volume-to-market cap ratio of 3.66%, suggesting moderate interest in HYPE. The hourly moving averages indicate a bullish short-term trend, with the 8 SMA at $28.25 showing a 3.02% increase, while longer-term averages are less optimistic, with the 144 SMA at $28.93 showing only a 0.57% increase.

The 1-hour Relative Strength Index (RSI) is at 59, suggesting that HYPE is nearing overbought conditions in the short term. In contrast, the 7-day RSI is neutral at 50, indicating no significant momentum in either direction, while the 7-day, 14-day, and 30-day price changes show notable declines of 5.62%, 18.46%, and 25.58%, respectively, signaling potential bearish sentiment over these time frames.

Historically, HYPE reached an all-time high of $59.30 on September 18, 2025, and has since seen significant retracement. This substantial drop from its peak underscores the necessity for caution, especially given the current price action and declining trends.

Based on the current analysis, HYPE appears to be in a consolidation phase with short-term bullish signals but long-term bearish trends. Therefore, I recommend a Hold rating, as investors should monitor for a clear breakout above the $30 level for a more bullish outlook, while being cautious of the persistent downtrends in the longer time frames.