- Optimism (OP) price surged greater than 7% on Sunday to succeed in intraday highs of $1.61.
- the Ethereum layer-2 protocol unlocked 24 million OP tokens value $38 million into circulation on July 30.
- OP price may flip to $1.89 if bulls stay in management within the brief time period.
Optimism (OP) price surged greater than 7% on Sunday to succeed in intraday highs of $1.61 as at 10:30 am ET. The features put the Ethereum layer 2 protocol among the many high performing crypto belongings previously 24 hours.
Daily buying and selling quantity is up 107% from a day in the past, in keeping with knowledge from CoinGecko, with this coming even because the optimistic rollup community unlocked 24 million on July 30.
Interestingly, on-chain knowledge shows Optimism’s transaction quantity just lately surpassed that of different Ethereum L2 Arbitrum.
OP price prediction after token unlock
The launch of extra OP into circulation is a part of the cryptocurrency’s scheduled unlocks. The newest noticed 24 million OP value $38 million added to circulating provide that at present stands at 679,080,066 OP.
According to Token Unlocks, Optimism has one other 45 token unlocks lined up. How does this unlock mirror in OP’s price?
Optimism’s native token flipped inexperienced regardless of immediately’s token unlock. But previous to the surge, bearish strain had seen it decline to lows of $1.44, the rejection having occurred when OP/USD touched above $1.64 on July 24.
Meanwhile, the day by day chart means that bulls have the higher hand with the Relative Strength Index (RSI) indicator rising and the Moving Average Divergence Convergence (MACD) indicators potential bullish energy.
OP price can be above the 50-day Exponential Moving Average (EMA), which has acted as assist for the previous two weeks. If price breaks above $1.64, the following goal could possibly be $1.89 and $2.00.
Optimism price chart. Source: TradingView
While the token unlock provides solely 3.56% of whole provide, it’s notable that a rise in circulating provide usually coincides with a dip in demand and price. As such, it’s potential Optimism’s price may flip unfavorable.
If draw back strain resurfaces, OP price may depend on assist at $1.44 after which $1.20.
