Hyperliquid (HYPE) is currently trading at $33.22, reflecting a modest 1.03% increase over the last 24 hours. The daily trading range has been relatively narrow, with a high of $34.94 and a low of $31.90, indicating a volatility of approximately 3.04% within this period.

The trading volume stands at 432,906,941, representing a volume-to-market cap ratio of 4.81%. This level of volume suggests moderate interest in HYPE, but not overwhelmingly high, which may impact its ability to sustain upward momentum in the near term.

Technical indicators reveal mixed signals; the 8-period and 13-period simple moving averages (SMA) are both trending downward at -3.00% and -2.62%, respectively. In contrast, the 55-period SMA is showing a positive trend at +1.61%, indicating potential support around $32.69, while the 144-period SMA indicates consolidation around the current price.

The 1-hour Relative Strength Index (RSI) is at 55, suggesting that HYPE is neither overbought nor oversold in the short term. However, the 7-day RSI of 45 indicates bearish momentum, as it is approaching oversold territory, and the price has declined by 12.73% over the past week, further confirming a downward trend.

On a longer time frame, HYPE has exhibited significant weakness, with a 14-day price change of -17.73% and a staggering 30-day decline of -29.65%. The all-time high of $59.30 reached on September 18, 2025, remains distant, highlighting the current downtrend and lack of bullish catalysts.

Given the current technical setup, with mixed short-term signals and persistent downward pressure, a cautious approach is warranted. Therefore, the recommendation for HYPE is to Hold, allowing for potential stabilization before considering entry or exit points, as the market appears to be in a corrective phase.