The post Here’s why Hyperliquid (HYPE) price spiked today appeared on BitcoinEthereumNews.com. 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… The post Here’s why Hyperliquid (HYPE) price spiked today appeared on BitcoinEthereumNews.com. 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…