Hype Token Prices Soar After $1.2 Billion Unlock, Analyst Warns of $60 Risk

Hype (HYPE) token prices surged to $82.92 following a major unlock event, where 14.18 million new tokens were released, worth approximately $1.2 billion at current prices.

The token unlock triggered increased volatility in the market, with HYPE's trading volume reaching $863.67 million over the past 24 hours and a total market capitalization of $20.87 billion.

Crypto analyst Crypto Patel highlighted the importance of the $87 resistance zone, warning that if HYPE fails to reclaim this level, there is a risk of the token dropping towards $60 or even $50 due to further selling pressure.