Optimism Breaks $0.85 Resistance, Eyes $1.00 Milestone

Optimism [OP] has recently broken through the $0.85 neckline, a significant level that had previously acted as stiff resistance. This breakout has triggered a potential structural shift in the cryptocurrency's price movement. After successfully crossing this level, OP climbed to $0.89 and briefly stabilized above it. This development suggests that if OP’s price continues to hover above the $0.85 level, a trend reversal could be imminent. The next milestone to watch out for is $1.00, depending on event recognition.

Initial indications from the Moving Average Convergence Divergence (MACD) showed a bullish crossover, signaling a continued buying force in the market. However, for the momentum to be sustained, the $0.85 level must hold as support. If this support does not hold, the price could retrace back to $0.78, the low established in the double bottom pattern. A further drop below $0.78 could raise questions about the validity of the reversal and potentially lead to further losses, even down to $0.70. Therefore, the immediate trend of OP heavily depends on the $0.85 zone acting as firm support in the coming sessions.

On-chain data revealed that the Large Transactions Volume for OP peaked at 120.25 million in 24 hours, with a weekly volume ranging between 78.87 million and 229.36 million OP. This impressive $150 million spread indicates significant activity from large-scale investors. The price surge past $0.85 to approximately $0.90 coincided with increased trading volumes, suggesting that whales played a significant role in driving the market upward. If this trend continues, it could bring more bullish enthusiasm. However, a decline in transaction volume could jeopardize the current trend. So far, the increase in transaction volume seems to be supporting the recent rise in OP’s price.

At the price of around $0.9026, approximately 48.30% of Optimism holders made a profit, while nearly an equal percentage, 48.82%, continued to make losses. Only 2.88% were at breakeven, an unusually narrow band that often leads to sudden directional moves. The support cluster lies between $0.79–$0.82, while a red zone of resistance stands tall at $1.01–$1.04. If OP continues to rise, it will face resistance between $1.01 and $1.04, where a large red cluster indicates substantial unprofitable positions lined up for liquidation. The market’s structure suggests that OP may stabilize around its current bracket. If the price rises above $0.93, it could induce an uptrend; conversely, a further drop under $0.85 might bring another look at more serious support levels.