Hyperliquid (HYPE) is currently priced at $31.18, reflecting a notable decline of 7.02% over the past 24 hours. The daily trading range has been relatively narrow at 3.06%, with a high of $33.70 and a low of $30.64, indicating a market that is experiencing downward pressure.

The trading volume stands at 320,716,078, representing 3.80% of the market cap, which suggests a healthy liquidity level despite the price decline. The hourly moving averages reveal a bearish trend, particularly the 55 SMA at $33.53, which indicates a significant resistance level and a negative price momentum of 7.01%.

The Relative Strength Index (RSI) metrics highlight a potentially oversold condition, with the 1-hour RSI at 32, while the 7-day RSI is at 46, indicating weakening momentum but not yet in the oversold territory. Additionally, the price changes over the past 7, 14, and 30 days are all negative, with a significant 30-day decline of over 23%, underscoring the ongoing bearish trend.

Hyperliquid's all-time high of $59.30, reached on September 18, 2025, serves as a critical resistance level and a benchmark for long-term potential. The current technical indicators, combined with declining price momentum and RSI readings, suggest that the market is under pressure and may continue to experience downward movement.

Considering the current market conditions and technical indicators, a rating of Hold is recommended. Investors should monitor for signs of stabilization or reversal, particularly if HYPE can reclaim levels above the 21 SMA at $31.95 and maintain them, which could signal a potential buying opportunity.