Optimism (OP) token shows strong technical indicators for a potential surge toward double-digit prices, according to analyst Alex Clay. The analyst’s technical analysis reveals OP breaking through multiple resistance levels while maintaining a 910-day ascending channel pattern, pointing toward sustained bullish momentum in the market.

OP Breaking Through Key Resistance Levels

The OP token has broken past major resistance points, including a local descending resistance line and mid-range resistance level. Clay’s analysis shows the token trading around $2.235, marking a 1.54% increase. 

#OP crossed through strong resistances – local descending resistance + above the mid-resistanceImo it's a breakout of it's local accumulation (which also an upward retracement of a bottom of ascending channel)Btw Ascending Channel is out 910 Days Accumulation Range2… pic.twitter.com/LVfCGEAhGX

— Alex Clay (@cryptclay) November 25, 2024

The price movement occurs within an ascending channel pattern that has contained OP’s price action for over 900 days. Technical analysis data demonstrates strong buying pressure at support levels near $1.80, where OP previously found stable ground. 

The breakthrough above the mid-range resistance suggests strengthening market confidence among traders and investors.

Price Targets and Channel Formation

The ascending channel formation maps out several price targets for OP, with $10 serving as an initial psychological barrier. Technical data plots subsequent resistance levels at $15 and $20, marked by clear boundary lines on the price chart. 

The channel’s structure indicates sustained accumulation phases between these levels.

The Relative Strength Index (RSI) confirms bullish momentum without reaching overbought conditions. This technical indicator aligns with the price action, showing higher lows that support the overall upward trajectory within the established channel.

Read also: Bitcoin Whales Accumulate Despite BTC Price Retrace Below $95K

Market Structure and Support Zones

The 910-day accumulation range has established clear support and resistance zones for OP’s price movement. The lower boundary of the ascending channel provides fundamental support around $1.80, while the former mid-range resistance now acts as potential support for future price action.

Clay shared his analysis on X, emphasizing the breakout from local accumulation patterns. The analyst noted how this breakout represents an upward retracement from the bottom of the ascending channel, suggesting a new phase of price discovery could begin.

Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.Get all our future calls by joining our FREE Telegram group.

We recommend eToro

Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more Visit eToro Now Active user community and social features like news feeds, chats for specific coins available for trading. Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs. Copy trading: allows users to copy the trades of leading traders, for free. User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.

The post Is Optimism’s (OP) Price Surge to Double-digits Imminent? Expert Analysis appeared first on CaptainAltcoin.