OP Price Surge: Can Optimism Smash Through $0.72 and Enter the Fast Lane?

Optimism''s native token OP is revving its engines—but can it break the $0.72 resistance and leave bearish sentiment in the dust?

Layer 2''s dark horse gains traction

While Ethereum’s gas fees still give traders nightmares, OP’s scaling solution keeps chipping away at network congestion. The token’s recent momentum has crypto degens whispering about a potential breakout—just don’t mention the 2023 ''ultra-sound money'' memes.

The make-or-break zone

All eyes are on that $0.72 level, a psychological barrier that’s become the crypto equivalent of a DMV line—everyone’s waiting to see who flinches first. Technical analysts point to growing open interest, while skeptics mutter about ''typical pre-halving hopium.''

Wall Street meets crypto realism

Even traditional finance sharks are circling Layer 2 solutions—though they’ll still charge you 2% management fees to explain what a rollup is. OP’s performance this quarter could determine whether it becomes Ethereum’s trusted sidekick or just another altcoin casualty.

The bottom line? In a market where ''next-gen infrastructure'' projects often crash harder than a crypto exchange’s PR team, OP’s got one shot to prove it’s more than just optimistic branding.

Optimism bulls lay siege to the $0.72 resistance

Source: OP/USDT on TradingView

The 1-day chart showed a range formation (white) between $0.59 and $0.84. Optimism saw a bullish structure break (cyan) on the daily chart, encouraging a bullish bias among traders.

A move beyond the mid-range resistance WOULD offer a swing buying opportunity targeting the range high at $0.84. However, at press time, the bullish momentum was underwhelming.

The MFI showed a reading of only 44, but no divergences yet.

The OBV also struggled to trend higher. Since mid-May, it has moved sideways, reflecting an equilibrium in buying and selling pressure. This helped explain the range formation.

It also hinted that traders and investors should not expect a breakout beyond $0.84

Source: CoinGlass

The 1-month liquidation heatmap showed that the buildup of liquidity around $0.72, the mid-range level, had been swept. Over the past couple of days, a bunch of short liquidations have accrued just above the $0.72 mark.

This meant that a MOVE to $0.74 was possible in the short term, before a bearish reversal.

However, if Bitcoin [BTC] rallied past $110k and continued higher, OP might race toward the $0.85 magnetic zone next.

Source: Coinalyze

Data from Coinalyze showed that the rally to $0.72 was accompanied by a $22 million increase in Open Interest. The funding rate, which had been negative in June, began to shift in the past 48 hours.

The funding rate did not show overwhelming bullish sentiment, but it was a start. The spot CVD moved sideways in recent days, but the increasing OI promised heavy speculative activity.

This short-term bullishness could help propel Optimism beyond the local resistance.

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion

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