Hyperliquid (HYPE) is currently trading at $32.44, reflecting a significant 9.76% increase over the last 24 hours. The asset has experienced a daily range of 3.08%, with a high of $32.47 and a low of $29.39, indicating strong volatility in the short term.

The trading volume stands at 390,389,053, which corresponds to 4.52% of the market cap, suggesting active trading and heightened interest in HYPE. The hourly moving averages reveal bullish momentum, with the 8 SMA and 13 SMA both showing positive gains, while the 144 SMA indicates a downward trend.

The 1-hour RSI is at 72, signaling that HYPE is currently in overbought territory, which could indicate a potential pullback in the short term. Conversely, the 7-day RSI at 48 suggests a more neutral position over the medium term, with no immediate signs of overextension.

Despite a positive short-term price change of 0.22% over the past week, the 14-day and 30-day price changes show declines of approximately 21.08% and 23.22%, respectively. This downward trend highlights that while HYPE is experiencing short-term gains, it has faced significant losses in the longer term.

The all-time high for HYPE was $59.30, reached on September 18, 2025, suggesting considerable room for growth if bullish sentiment can be sustained. However, the current price remains about 45% below this peak, reflecting potential upside but also inherent risks.

Given the overbought signal on the 1-hour RSI and the recent volatility, a cautious approach is warranted. Therefore, I assign a Hold rating to HYPE, as investors should monitor for signs of stabilization or a pullback before making further commitments, especially in light of the longer-term bearish trends.