Hyperliquid ( HYPE ) rallied sharply over the last 24 hours, outperforming most major cryptocurrencies . Notably, the price of HYPE surged 8%, rising from a low of $34.87 to as high as $39.06. With 336.7 million tokens in circulation, Hyperliquid’s market cap reached about $13.1 billion. HYPE daily price chart (24H). Source: Finbold Amid the rally, the daily trading volume surged over 15%, exceeding $691.2 million, according to CoinMarketCap data . Meanwhile, the price of Bitcoin (BTC) and Ethereum (ETH) recorded brief spikes — 1.07% and 0.8% respectively — at the time of analysis. What’s behind HYPE’s price rally The token’s price rally aligns with a strategic corporate move aimed at advancing the Hyperliquid ecosystem through a “leading HYPE treasury strategy.” On October 22, a merger-stage entity, Hyperliquid Strategies Inc. (HSI), filed an S-1 registration with the U.S. SEC, stating plans to raise $1 billion by offering up to 160 million shares of its “common stock.” Nasdaq-listed biotech firm Sonnet BioTherapeutics is merging with a special purpose acquisition company (SPAC), Rorschach I LLC, in an $888 million reverse merger to form HSI, according to the filing. HSI will start with a digital asset treasury holding about $583 million in HYPE tokens and a $1 billion fund for additional HYPE token purchases, signaling backing for the token’s growth. HYPE price analysis HYPE’s recent rally may still face headwinds. Both the 50-day SMA ($46.31) and 100-day SMA ($44.95) are trending above the current price, confirming a bearish trend. At the time of analysis, the 14-day RSI stood at 45.51, reflecting weakening momentum but holding above oversold levels. The volume spiked during the recent sell-offs but has since declined. This often suggests panic selling has eased, although buyers have not yet stepped in strongly. HYPE technical daily price chart. Source: TradingView The MACD histogram displays contracting negative bars, indicating a slowing bearish momentum. As long as the cryptocurrency trades below its 50 SMA, upside moves are likely to face strong resistance and may be viewed as corrective rallies within a downtrend. The post Here’s why Hyperliquid (HYPE) price spiked today appeared first on Finbold .