Hyperliquid (HYPE) is currently trading at $21.71, reflecting a slight decline of 0.31% over the last 24 hours. The asset has exhibited a daily range of 0.95%, with a high of $22.15 and a low of $21.20, indicating limited volatility in the short term.

The trading volume stands at approximately 161.57 million, representing a volume-to-market cap ratio of 3.12%. This suggests a moderately active trading environment, though the price movements remain constrained, as indicated by the recent downtrends across multiple timeframes.

Short-term moving averages show a mixed sentiment; the 8 SMA is at $21.38 (+1.55%) and the 13 SMA at $21.51 (+0.94%), both suggesting a slight upward trend. However, longer-term moving averages, particularly the 144 SMA at $23.38, indicate a significant downward trend of 7.14%, reflecting bearish sentiment over the longer horizon.

The RSI indicators support the bearish outlook, with the 1-hour RSI at 44, and the 7-day RSI at 43, both below the neutral threshold of 50. This suggests that HYPE may be entering oversold territory but does not yet indicate a strong buying opportunity, as momentum remains weak.

Fundamentally, HYPE has lost over 11.59% in the last week and about 15.70% in the last two weeks, showing a consistent downtrend. The price is still significantly below its all-time high of $59.30, reached on September 18, 2025, indicating potential long-term pressure on the asset.

In conclusion, given the current price action, declining momentum, and bearish technical indicators, a Hold rating is appropriate for Hyperliquid (HYPE). This position allows investors to monitor for signs of stabilization before making further commitments, as the market sentiment remains weak and recovery indicators are not yet apparent.