OP’s price went up about 4% today, and many more people are trading it – we’re seeing double the usual trading volume. Some market watchers think this could be the start of something bigger, with predictions of a possible 120% jump in price. Prominent analyst Globe Of Crypto revealed on X that the price of OP could see a strong rally if it successfully breaks out from a falling wedge pattern.
The token’s been sliding downhill since December, dropping lower and lower each month. But looking at the daily chart, there’s an interesting pattern forming – what traders call a falling wedge. This often means prices might turn around soon.
Read Also: AAVE Price Still Testing Support – Can It Hold or Will It Drop?
We’re starting to see some buyers step in, with the price bouncing up from the bottom of this wedge pattern. It is now approaching the upper trendline, where a decisive breakout could confirm an upward move. If OP closes above the resistance level with strong volume, it could mark the start of a new bullish trend.
What you'll learn 👉
Optimism Key Support and Resistance Levels to Watch
The lower wedge boundary around $0.90-$1.00 has acted as a strong support zone, preventing further downside. The recent bounce suggests that demand remains strong in this range. On the resistance side, OP’s price faces immediate pressure near $1.30-$1.40, the upper boundary of the wedge.
If OP can push past $1.40-$1.50, we could see it climb to several price points: first around $2.00-$2.20, then maybe $2.40-$2.50, and if things go well, possibly up to $3.00. But if it can’t break through that first barrier, it might need to drop back down and try again later.
Read Also: Why is Sonic (S) Price Pumping?
Market Reaction and Trading Volume Surge
The tweet from Globe Of Crypto reinforces the bullish outlook, highlighting expectations of a bounce toward resistance followed by a potential breakout. The forecast suggests a 100–120% rally in the midterm if the pattern plays out.
A notable increase in trading volume supports the case for heightened interest in OP’s price. The 101% surge in volume indicates stronger participation, which could play a key role in determining whether the breakout will hold. If volume continues rising, it could provide the momentum needed for the price to sustain a move higher.
Traders watching Optismism’s price may look for a breakout confirmation above $1.40-$1.50 with strong volume before entering long positions. Stop-loss levels could be set below $1.10-$1.00 to manage risk, while profit-taking targets might be $2.00, $2.40, and $3.00.
For now, the next few trading sessions will be crucial in determining whether OP successfully breaks out or remains in a consolidation phase.
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
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.
