Optimism (OP) is again in the spotlight. According to Tokenomist The last report, 31.34 million tokens worth around $ 24.87 million, are planned to enter the market today. This release accounts for 1.89% of the total market capitalization of OP.
The upcoming Supply Unlock event has renewed traders and the interest of investors. Especially since Op’s market can keep an eye on a potential bullish run in the near future.
From a technical point of view, since the demolition of the February demolition, the flag pattern has been constantly under pressure to the disadvantage. However, the trend is now bullish after the Altcoin has risen from an important support zone at around $ 0.5858, long back on April 7.
The Altcoin has since registered a spectacular 54% Bullish Run since the jump – a sign of growing Bullish Momentum.
Source: TradingView
This price recovery is especially remarkable given the volatility of the wider market. It also means that optimism starts to regain, possibly fed by the growing institutional appetite.
The intake of delivery meets the increasing demand
The upcoming token discharge will take place at a time when on-chain statistics already show encouraging signals. Although a walk in the offer tends to produce sales pressure, recent data seemed to suggest otherwise.
Daily active addresses in the optimism network have grown by 62% in the last 24 hours, according to Intothlock in the last 24 hours facts. This hinted on more use and network participation.
The volatility in the price of OP has also fallen lately. This is usually seen as an indication of sudden action, especially when accompanied by the rising demand. With institutional investors who strengthen exposure in top altcoins, it is possible to try to take advantage of the injection of liquidity.
Source: Intotheblock
Resistance zone for $ 1 in Focus
In the light of the walk in network activity and positive sentiment, optimism could position itself for another leg higher. If trends persist, the Altcoin can re -test the level of $ 1 resistance. This is a psychological price level that was previously tested before the breakdown of February.
However, the price of the short term will probably be influenced by how the market will digest the newly published tokens. If the demand outweighs the supply, this can support a breakout rally in the short term.
What optimism?
As the token unlocking continues, market investors will closely observe for any sign of accumulation or distribution. Chain strength, reduced volatility and growing active addresses may suggest that the potential can have to go higher. Even with the added offer.
The following days may be possible to set the tone for his medium -term process.