Sonnet BioTherapeutics Holdings, Inc., a Nasdaq-listed biopharmaceutical company, alongside Rorschach, has launched a $583 million Hyperliquid treasury initiative. This significant move involves Hyperliquid Strategies Inc. holding 12.6 million HYPE tokens alongside a $305 million cash reserve, positioning the entity to potentially influence HYPE token price dynamics.
Technical analysis indicates the HYPE token is approaching overbought territory based on its Relative Strength Index (RSI). Market observers suggest a potential breakout above the $50 price level could occur if the token maintains support at $45.80.
Conversely, analysts warn that a drop below key technical indicators, specifically the 20-day exponential moving average ($42.93) or the 50-day simple moving average ($38.86), could trigger a deeper correction.
The substantial treasury launch underscores a growing trend of institutional interest in cryptocurrency assets. By combining significant token holdings with corporate treasury strategies, the initiative signals broader market maturity and highlights potential catalysts for HYPE token price appreciation.