Optimism [OP] has made significant moves upwards, signaling a potential bullish breakout. Michaël van de Poppe, a cryptocurrency analyst, has pointed out a bullish divergence, where a lower low in price is opposed to a lower low in the Relative Strength Index (RSI).

This pattern typically indicates a bullish momentum. Van de Poppe highlights 3,000 sats as a key resistance level that OP needs to overcome to continue its bullish outlook.

Source: X

If Optimism successfully breaks this resistance, it could pave the way for a strong rally towards 4,500-5,000 sats. On the contrary, the 2,000-2,150 sats range has acted as a reliable support zone, with the price bouncing from this level several times.

While the recent rally has brought prices back to key levels, any failure to break resistance could lead to a long-term downtrend.

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Price Probability and Indicators Show Volatility

Optimism's price remains volatile, fluctuating within the Bollinger Bands on the 4-hour chart. The price recently touched the upper band around $1.85, which is considered immediate resistance, while the middle band at $1.76 is considered dynamic support.

These indicators suggest that OP is trying to break out, as well as facing strong resistance at current levels.

Source: TradingView

The Moving Average Convergence Divergence (MACD) has given a bearish crossover signal, which could indicate a weakening uptrend. The RSI is at 51.24, indicating that the market is neither overbought nor oversold.

With these multi-directional signals, traders can expect long-term consolidation unless a strong breakout occurs in the short term.

OP Token Flow Shows Signs of Accumulation

According to recent data, OP Token is being withdrawn from exchanges, possibly indicating accumulation from investors. As of October 1, a net outflow of $634.09K was recorded on spot exchanges.

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This suggests that more tokens are being withdrawn from exchanges than deposited, which could signal reduced selling pressure and increased expectations for future increases.

Source: Coinglass

Historically, negative net flows like this have often corresponded to periods of price accumulation as investors held onto their assets rather than selling.

However, a significant increase in inflows would indicate increased selling pressure, which could hinder prices from moving higher.

Increased network activity

Network data from IntoTheBlock shows a steady increase in the number of new and active addresses for OP. As of September 30, there were a total of 11.13k addresses, including 1.56k new addresses and 7.94k active addresses.

The 29.37% increase in new addresses over the past seven days reflects growing interest in the OP Token.

Source: IntoTheBlock

Similarly, the number of active addresses increased by 12.79%, indicating that more users are interacting with the network.

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Additionally, the number of zero balance addresses—addresses with no tokens—increased by 31.02%, which could indicate users are preparing for future transactions or off-chain asset transfers.

This increase in address activity highlights continued engagement with the OP network and shows that the Token continues to attract new users.

As of press time, OP is trading at $1.85, with a 24-hour trading volume of $224,485,832, reflecting a 2.28% increase over the past 24 hours and a 10.77% increase over the past week.

These figures show that Optimism still maintains strong market interest despite the general volatility.

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