Hyperliquid (HYPE) is currently trading at $58.90, reflecting a 9.11% increase over the past 24 hours. The price has demonstrated significant volatility, with a daily range of 5.39%, hitting a high of $59.29 and a low of $53.90.

The trading volume stands at approximately $679 million, equating to a volume-to-market cap ratio of 4.25%, indicating robust trading activity. The hourly moving averages suggest bullish momentum, particularly the 8 SMA at $55.74, which shows a 5.68% gain, reinforcing a strong upward trend in the short term.

The 1-hour Relative Strength Index (RSI) is at 79, signaling that HYPE may be overbought in the very short term, while the 7-day RSI at 53 suggests a more neutral momentum. The 7-day, 14-day, and 30-day price changes of 6.30%, 27.46%, and 35.78%, respectively, indicate a sustained bullish trend over the past month.

HYPE is approaching its all-time high of $59.23 set on September 18, 2025, which may act as a psychological resistance level. Given the current momentum and recent price performance, there is potential for a breakout if bullish sentiment continues.

Considering the overbought conditions indicated by the 1-hour RSI, a cautious approach is warranted. However, the underlying trend remains strong, and there is room for further gains if HYPE can surpass the all-time high.

In conclusion, the recommendation for Hyperliquid (HYPE) is a Buy, with the rationale being the strong recent performance, solid trading volume, and favorable technical indicators despite short-term overbought signals. Traders should monitor for a potential breakout above $59.23 to capitalize on further upside.