Sonnet BioTherapeutics has announced the formation of a business combination with a newly created entity, Rorschach, to launch the HYPE digital asset.
Merger with New Entity Rorschach
Biotech company Sonnet BioTherapeutics has announced the formation of a new entity, Rorschach, to launch the Hyperliquid (HYPE) digital asset treasury. Upon closing the deal, Hyperliquid Strategies Inc. is expected to hold 12.6 million HYPE tokens and $305 million in cash, which will be used for future token purchases.
HYPE Price Prediction
HYPE has recently declined from the psychological level of $50; however, buyers are showing resilience against sellers. Positive indicators, such as upward trending moving averages and the relative strength index (RSI), suggest buyer control. A rebound from $45.80 could indicate strong support and potential breakout above $50. The HYPE/USDT pair may then rise to $60.
Future of HYPE and Market Trends
The charts indicate a tough battle between bulls and bears, particularly on the 4-hour chart near the 20-day exponential moving average. To seize control, buyers need to push the price over $50. If sellers manage to lower it below the 50-day SMA, it could mean a deeper correction to $41.
With the formation of the HYPE digital asset treasury, volatility and price changes are likely. Market experts will be focused on future movements and support levels.
