Optimism Price Plummets Amid Whale Sell-Off! Will It Rebound? Optimism Price Prediction for 2024'

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Optimism (OP) price has faced a significant drop after struggling to surpass the critical $3 mark. This price action has raised questions about the potential for a rebound and future performance of the token. Notably, whale sell-offs have played a significant role in the recent price decline. The token exited from a rising chael and encountered a barrier around the $3 level, causing it to fall by over 12% this week. Despite this, there’s a possibility of a trend reversal if the token manages to break and close above the $3 mark, which could lead to a substantial surge. Analysts are currently neutral, indicating that the OP price might hover around the $3 level, reflecting a volatile trend ahead.nAt press time, Optimism was trading at $2.55, with a slight intraday increase of 0.55%. The token has shown a 5.23% monthly return and a 58.28% yearly return. The OP/BTC pair stands at 0.0000367 BTC, and the market cap is $547.62 million. A critical factor contributing to the recent price decline has been whale activity. A tweet from a crypto researcher indicated that whale sell-offs led to a rejection from the 200-day EMA mark. Despite this selling pressure, buyers have attempted to accumulate the token, aiming to push the price past the $3 mark. If successful, this could trap the sellers and trigger a sharp upward movement in the price.nThe trading volume for the token saw a significant decline of 63.40% to $268.19 million in the last 24 hours. The RSI curve is close to the midline, indicating a negative crossover and reflecting neutral sentiment on the charts. The Total Value Locked (TVL) of the OP token also dropped significantly this week, reaching $863 million, hinting at negative sentiment among investors. Futures data revealed fresh short additions, signaling a potential early sell-off. The open interest (OI) data surged by over 6.27% to $204.11 million in the last 24 hours, further confirming short buildup activity.nInterestingly, despite the price rejection and retracement, there are indications of optimism among traders. If the bulls manage to push the price above the $3 mark, it could lead to a strong bullish trend. However, failure to break this barrier could keep the token under bearish pressure. Looking ahead, the price prediction for 2024 suggests that Optimism could experience a volatile journey. If positive market sentiment returns and whales halt their sell-offs, the token might regain its upward momentum. Understanding the balance between buyer accumulation and whale sell-offs will be key in forecasting the future price movements of OP.