{"id":22601,"date":"2023-07-30T16:10:11","date_gmt":"2023-07-30T16:10:11","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/optimism-price-surges-7-amid-24-million-op-token-unlock\/"},"modified":"2023-07-30T16:10:11","modified_gmt":"2023-07-30T16:10:11","slug":"optimism-price-surges-7-amid-24-million-op-token-unlock","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/optimism-price-surges-7-amid-24-million-op-token-unlock\/","title":{"rendered":"Optimism price surges 7% amid 24 million OP token unlock"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/07\/1690730560579-4325e387-87eb-4efb-be24-7bb7c5da124f-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/07\/1690730560579-4325e387-87eb-4efb-be24-7bb7c5da124f-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/07\/1690730560579-4325e387-87eb-4efb-be24-7bb7c5da124f-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/07\/1690730560579-4325e387-87eb-4efb-be24-7bb7c5da124f-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/>\n<\/picture>                    <\/div>\n<ul>\n<li dir=\"ltr\">Optimism (OP) price surged more than 7% on Sunday to reach intraday highs of $1.61.<\/li>\n<li dir=\"ltr\">the Ethereum layer-2 protocol unlocked 24 million OP tokens worth $38 million into circulation on July 30.<\/li>\n<li dir=\"ltr\">OP price could flip to $1.89 if bulls remain in control in the short term.<\/li>\n<\/ul>\n<p dir=\"ltr\">Optimism (OP) price surged more than 7% on Sunday to reach intraday highs of $1.61 as at 10:30 am ET. The gains put the <a href=\"https:\/\/coinjournal.net\/ethereum\/\">Ethereum<\/a> layer 2 protocol among the top performing crypto assets in the past 24 hours.<\/p>\n<p dir=\"ltr\">Daily trading volume is up 107% from a day ago, according to data from CoinGecko, with this coming even as the optimistic rollup network unlocked 24 million on July 30.\u00a0<\/p>\n<p dir=\"ltr\">Interestingly, on-chain data <a href=\"https:\/\/app.artemis.xyz\/dashboard\" rel=\"noopener noreferrer\" target=\"_blank\">shows<\/a> Optimism\u2019s transaction volume recently surpassed that of other Ethereum L2 Arbitrum.<\/p>\n<h2 dir=\"ltr\">OP price prediction after token unlock<\/h2>\n<p dir=\"ltr\">The release of more OP into circulation is part of the cryptocurrency\u2019s scheduled unlocks. The latest saw 24 million OP worth $38 million added to circulating supply that currently stands at 679,080,066 OP.\u00a0<\/p>\n<p dir=\"ltr\">According to <a href=\"https:\/\/token.unlocks.app\/optimism\" rel=\"noopener noreferrer\" target=\"_blank\">Token Unlocks<\/a>, Optimism has another 45 token unlocks lined up. How does this unlock reflect in OP\u2019s price?<\/p>\n<p dir=\"ltr\">Optimism\u2019s native token flipped green despite today\u2019s token unlock. But prior to the surge, bearish pressure had seen it decline to lows of $1.44, the rejection having happened when OP\/USD touched above $1.64 on July 24.<\/p>\n<p dir=\"ltr\">Meanwhile, the daily chart suggests that bulls have the upper hand with the Relative Strength Index (RSI) indicator rising and the Moving Average Divergence Convergence (MACD) signals potential bullish strength.\u00a0<\/p>\n<p dir=\"ltr\">OP price is also above the 50-day Exponential Moving Average (EMA), which has acted as support for the past two weeks. If price breaks above $1.64, the next target could be $1.89 and $2.00.<\/p>\n<div class=\"fr-img-space-wrap\"><span class=\"fr-img-caption fr-fic fr-dib fr-draggable\" style=\"width: 700px\"><span class=\"fr-img-wrap\"><\/p>\n<p dir=\"ltr\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/media.igms.io\/2023\/06\/30\/1690729961703-ce4087b6-55aa-4147-96f6-1e093e09dced.png\" style=\"width: 700px\" class=\"fr-fic fr-dib\" width=\"700\" height=\"316\"\/><span class=\"fr-inner\"\/><\/p>\n<p dir=\"ltr\">Optimism price chart. Source:\u00a0<a href=\"https:\/\/www.tradingview.com\/x\/KWq4uweG\/\" rel=\"noopener noreferrer\" target=\"_blank\">TradingView<\/a><\/p>\n<p><\/span><br \/>\n<\/span><\/p>\n<p class=\"fr-img-space-wrap2\">While the token unlock adds only 3.56% of total supply, it is notable that an increase in circulating supply often coincides with a dip in demand and price. As such, it is possible Optimism\u2019s price could flip negative.\u00a0<\/p>\n<\/div>\n<p dir=\"ltr\">If downside pressure resurfaces, OP price could rely on support at $1.44 and then $1.20.<\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><a href=\"https:\/\/coinjournal.net\/news\/optimism-bulls-unfazed-as-network-unlocks-24-million-op\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News ) Optimism (OP) price surged more than 7% on Sunday to reach intraday highs of $1.61. the Ethereum layer-2 protocol unlocked 24 million OP tokens worth $38 million into circulation on July 30. OP price could flip to $1.89 if bulls remain in control [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":22602,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/22601"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=22601"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/22601\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/22602"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=22601"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=22601"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=22601"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}