HYPE rallies toward $50 after Sonnet BioTherapeutics combines with Rorschach to launch a $583 million Hyperliquid token treasury.

• Corporate treasury buying could boost sentiment, pushing HYPE above its $50 resistance level.

Nasdaq-listed biotech company Sonnet BioTherapeutics said on Monday that it had formed a business combination with a newly created entity, Rorschach, to launch a Hyperliquid (HYPE) digital asset treasury.  

When the deal closes, Hyperliquid Strategies Inc. aims to hold 12.6 million HYPE tokens and $305 million in cash. The cash will be used to acquire more HYPE tokens in the future.

Could HYPE rally after the formation of the HYPE digital asset treasury? Let’s analyze the charts to find out.