3 weeks ago
12
Optimism (OP), the native token of Ethereum’s Layer-2 scaling network, has captured investor attention after a listing announcement from South Korea’s largest cryptocurrency exchange, Upbit.
The listing news has triggered a surge in both price and trading activity, lifting OP to a two-month high and reinforcing its bullish trend.
As traders watch closely for what’s next, market dynamics point toward both opportunity and potential caution.
Upbit listing sparks frenzy in OP trading
On July 28, Upbit officially announced the listing of Optimism (OP) on its spot trading platform, with support for trading pairs in Korean Won (KRW), Bitcoin (BTC), and Tether (USDT).
Trading began at 16:30 KST, and within just one hour of the announcement, OP’s price spiked 7.8%, touching $0.8637 before easing slightly to around $0.82.
However, it wasn’t just the price that saw explosive growth. Trading volume jumped by an astonishing 655%, hitting nearly $1 billion in 24 hours, according to CoinMarketCap.
This surge in volume is a clear sign of renewed interest, especially from South Korean retail and institutional traders.
The sharp uptick reflects the dominant role South Korea plays in altcoin liquidity and short-term price discovery.
A bullish momentum backed by strong technicals
The current rally appears to be technically supported.
Optimism (OP) has broken above key resistance zones and is now forming higher highs and higher lows across both the 4-hour and daily timeframes.
The Relative Strength Index (RSI) now stands at 66.9, suggesting strong bullish momentum while still staying just below overbought conditions.
In addition, the MACD recently showed a bullish crossover, reinforcing the possibility of continued upward movement.
The price has also respected the middle Bollinger Band around $0.714 as a key support level. This level now acts as a critical launchpad for potential further gains, especially if volume continues to rise.
Falling wedge breakout hints at bigger move
Optimism’s recent surge also coincides with a breakout from a falling wedge pattern on the weekly chart.
This pattern, identified by several analysts including Daniel Ramsey, is widely viewed as a bullish reversal signal.
According to Ramsey’s analysis, initial price targets lie at $1.49, with mid-term projections reaching $1.97 and even $2.94 if current momentum holds.
Such targets are not far-fetched, especially given the recent upgrade activity within the Optimism ecosystem.
The network’s Superchain Upgrade 16 introduced several smart contract improvements aimed at boosting scalability, security, and interoperability.
These developments have further fueled investor optimism and positioned OP as a key player in Ethereum Layer-2 infrastructure.
Optimism (OP) ecosystem growth
While technicals paint a promising picture, fundamentals also support the bullish case. OP has not only recovered from last week’s dip but has gained over 52% in July alone.
The ecosystem growth continues to drive value, with Total Value Locked (TVL) rising steadily and new DeFi integrations gaining traction.
At the same time, macroeconomic conditions are providing a supportive backdrop.
The recent US-EU trade agreement has lifted sentiment across global markets, contributing to bullish momentum in cryptocurrencies, particularly among scalability-focused tokens like OP.
However, traders should be mindful of upcoming token unlock risks. On July 31, 31.34 million OP tokens — about 1.79% of the circulating supply — are scheduled to be unlocked.
Historically, token unlock events lead to short-term selling pressure as newly released tokens enter the market.
The key support levels to watch include $0.74 and $0.71. If these levels fail to hold, a retracement toward the 200-day SMA near $0.68 could unfold.
However, if Optimism (OP) maintains structure above $0.74 and breaks cleanly past the $0.83 resistance zone, it could be on track to test $0.90 and possibly enter a new price discovery phase.
The post Optimism (OP) price forecast as Upbit listing sends trading volume up 655% appeared first on Invezz
English (US) ·