Despite Month-Long Struggle After 22.34% Decline, Optimism (OP) Begins to Recover, Showing Steady Gains

After a one-month struggle following a 22.34% decline, Optimism (OP) has started to recover with a 7.92% gain over the past week and a 1.70% increase in the last 24 hours.

This recovery has been driven by a surge in buying activity, particularly from large investors.

According to IntoTheBlock data, large investors, who hold a significant portion of OP’s supply, purchased 277.17 million OP, valued at $501.62 million, within the past 24 hours, as the token’s price saw a slight increase.

This activity suggests that the bulk buying activity favored OP’s rally, as its price showed a slight gain during theの時間帯.

Moreover, the average transaction size spiked noticeably, reaching levels last seen on 4 November. On average, large investors’ transactions were valued at $20,697.00 over the past 24 hours.

This increase in both average transaction size and large transaction volume indicates substantial bulk purchases of the asset, adding a bullish undertone to the market.

A trade to $2.60 as target?

This bullish outlook was further supported by technical indicators on the 4-hour chart at press time, as OP traded within an accumulation pattern and a golden cross pattern.

On the 4-hour chart, OP was trading within a symmetrical pattern, defined by converging support and resistance lines, on aの時間帯 chart—a bullish setup that appeared occasionally.

If the anticipated breakout occurs, OP could rally by 36.98%, reaching $2.616 before either undergoing a price re-assessment or continuing its upward movement.

At the same time, the formation of the golden cross pattern signaled a potential high-momentum price push, as trading activity had started to pick up.

The golden cross occurs when the blue MACD line crosses above the orange signal line. At the time of writing, the MACD line was at -0.001, while the signal line stood at -0.004.

If the MACD line moved into positive territory, it could trigger a major price surge.

Rising interest in the derivative marketAt the time of writing, buyer interest in the derivative market had increased, as indicated by OP’s Funding Rate on Coinglass.

The Funding Rate tracks the mechanism used to balance price disparities between the spot and futures markets. A positive Funding Rate indicates a bullish market, while a negative rate suggests bearish sentiment.

At press time, the Funding Rate was at 0.00132%, indicating that long positions were dominant. This dominance helps maintain price equilibrium and suggests that OP’s price may continue rising from its current level.