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Optimism Price Stalls as Volume Rises Ahead of Token Unlock
Optimism (OP) was trading at $0.2678 at the time of writing, down 4% over the past 24 hours. Over the last week, the token moved within a narrow range between $0.252 and $0.282. Despite short-term fluctuations, OP is now down 1.3% on the week and has fallen roughly 18% over the past month.
The broader picture remains weak. Optimism is trading nearly 94% below its 2024 peak of $4.84, highlighting a prolonged downtrend that has so far resisted recovery efforts.
Spot market activity picked up, with daily trading volume rising 32.1% to $62.1 million. However, the increase in volume did not translate into upward price movement, suggesting that recent activity was driven more by short-term trading rather than renewed confidence.
Derivatives Activity Signals Caution
Data from CoinGlass reflects a similar dynamic in the derivatives market. Trading volume surged 53% to $135 million, while open interest declined by 3.77% to $79 million. This divergence indicates that although traders were active, leverage exposure was reduced. Positions appear to have been closed faster than new ones were opened, a pattern commonly seen when market direction is uncertain or risk appetite is declining.
Token Unlock Adds Supply Considerations
The current market setup comes ahead of a scheduled token unlock. According to Tokenomist, 31.34 million OP tokens — valued at approximately $8.37 million — are set to unlock on December 31. This represents about 1.65% of the currently released supply.
At present, only 44.22% of Optimism’s total token supply is in circulation. Roughly 1.90 billion tokens have been released out of a maximum supply of 4.29 billion. The project’s market capitalization stands slightly above $520 million, while its fully diluted valuation is estimated at around $1.15 billion.
While token unlocks do not automatically trigger selling, they do increase available supply. In subdued market conditions, additional supply can place pressure on price, particularly when demand remains cautious.
Technical Structure Remains Bearish
From a technical perspective, OP continues to trade within a clear downtrend marked by lower highs and lower lows. Price remains below the 20-day moving average and under the midpoint of the Bollinger Bands, signaling ongoing seller control.
Momentum indicators suggest stabilization rather than reversal. The relative strength index has recovered from oversold levels but remains below 50, while the MACD has flattened, pointing to slowing downside momentum rather than a trend shift.
Resistance is clustered between $0.28 and $0.31, while support remains in the $0.24 to $0.25 range. Without a sustained move above $0.30, upside attempts continue to appear fragile.
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