Optimism (OP) price has been on a wild ride lately! It surged 15% last week, pushing towards early October highs, but there's a twist.
The rally might hit some turbulence soon. Why? Well, there's a big wave of 24.16 million OP tokens, valued at $33.34 million, set to flood the market on October 30. These tokens will be distributed to investors and core contributors who are expected to cash in and book some early profits.
The key to keeping this uptrend alive is a decisive candlestick close above the $1.723 level. This would confirm the bullish trend and open the door to a potential 45% climb to the $2.000 psychological level.
But, be aware! OP has been swinging like a pendulum for the past few months. Its price action has been wave-like, and investors are riding the momentum.
In this rollercoaster ride, developments in the OP network play a crucial role in determining the upside potential. It's a blend of market dynamics and tech advancements.
Currently, there's a bit of selling pressure around the $1.449 resistance level, and the falling RSI indicates that momentum might be taking a dip. This could push the price down towards the $1.231 support level, a 10% drop from where it is now.
However, the RSI position still leaves room for optimism. To secure that uptrend, OP's price must break through $1.449 and reach the supply zone between $1.653 and $1.818. The real confirmation comes when the price crosses the $1.723 midline in this order block.
Mark your calendar for October 30, as the token unlock event approaches. The flood of OP tokens could cause some significant market fluctuations, as it did in the past. Keep an eye on the action! 👀
