After a period of notable vigor, the price of Optimism’s native token, OP, has encountered resistance, with its ascent seemingly losing momentum. During the recent rally in the altcoin market, OP made an impressive leap from a modest $1.2 to an impressive peak approaching $2.5. This surge, however, hit a snag and what followed was a retracement that had market watchers on their toes.
Despite this pullback, OP has successfully retained a significant portion of its freshly amassed gains. Yet, its path forward is rife with challenges as the token wrestles to maintain its upward movement. On-chain data now points to a singular impediment that could be stalling Optimism’s stride towards a record-breaking peak.
According to the well-followed crypto analyst, Ali Martinez, a bullish forecast for Optimism’s price is on the horizon. In a recent examination of data sourced from IntoTheBlock, Martinez has identified that a considerable cluster of investors purchased OP tokens in specific price brackets, which is now shaping the potential for future movement.
His analysis unveiled that approximately 26,800 addresses had acquired close to 45 million OP tokens within the tight corridor of $2.17 to $2.23. This concentration of purchases signals a vital resistance zone; the token’s trajectory often correlates with the size of the dots representing these price zones—the more substantial the dot, the more formidable the resistance or support level.
Martinez has expounded that Optimism’s price is grappling with resistance notably constricted between $2.17 and $2.30. Following the analytics, nearly 27,000 addresses have snapped up a colossal 45 million tokens at these levels.
Should OP’s price consistently close above this contested region, Martinez anticipates a bullish departure from the resistance zone, potentially accelerating the token’s value to the $2.70 mark, more than a 26% increase from its current standing.
At the time of consideration, the price of Optimism has settled at $2.11, down by 2.4% in the last day alone. This sluggish performance further emphasizes the struggles faced by the altcoin in the recent week.
Despite hitting a multi-month zenith of $2.46 in the week prior, OP encountered a correction, now hovering around $2.10. Even so, Optimism continues to be a formidable entity within the crypto realm, boasting a market capitalization nearing $1.94 billion and standing proudly among the industry’s top 40 cryptocurrencies.
