H Rally Faces Uncertain Future Amid Upcoming Token Unlock
Humanity Protocol's (H) price surged by over 15% in the past 24 hours, despite its weekly gains being in the red. The altcoin lost more than 23% of its market capitalization in the past week.
The rally is attributed to exchange withdrawals and a surge in sentiment, with an insider transferring 107.64 million H tokens worth over $7 million from KuCoin to external wallets. Additionally, mindshare jumped by more than 30%, with top influencers mentioning the altcoin over 1,000 times.
On the charts, H broke above a descending trendline resistance, but buyer strength has decreased, and the price dropped from $0.07272 to $0.06556. The breakout level may not hold as support, potentially leading to a retest of the zone at $0.060.
The rally may be short-lived due to an upcoming token unlock on September 25th, which will release 269.74 million tokens worth $17.50 million, equivalent to 2.70% of the total supply.