Hyperliquid (HYPE) is currently priced at $28.94, reflecting a 24-hour decline of approximately 2.97%. The daily trading range has been relatively tight, with a high of $29.98 and a low of $28.93, indicating reduced volatility in the short term.

Volume over the last 24 hours stands at approximately 83.12 million, equating to a volume-to-market cap ratio of 1.20%. The downward pressure on the price is further corroborated by the hourly moving averages, which show consistent declines across multiple periods, with the 8 SMA at $29.59 representing a 2.18% drop.

The one-hour RSI is notably low at 32, suggesting that HYPE is approaching oversold conditions. Conversely, the 7-day RSI is at 48, indicating a neutral momentum, while the 14-day price change shows a more significant decline of 8.33%, reflecting bearish sentiment over a longer timeframe.

On a positive note, the 30-day price change is up by 29.02%, suggesting a strong recovery from earlier lows, but this is overshadowed by recent downward trends. The all-time high of $59.30 reached on September 18, 2025, indicates significant potential for future price appreciation, yet the current technical indicators show resistance in the near term.

Given the current price action, the negative short-term momentum, and the RSI levels indicating potential oversold conditions, a Hold rating is warranted. The market sentiment appears weak, but the historical performance suggests that a recovery could be on the horizon if support levels hold.