The price of Optimism (OP), the native token of the Optimism network, has faced some challenges in the past week after a promising bullish momentum. While the cryptocurrency has managed to retain most of its recent gains, it is currently struggling to continue its upward trajectory. A recent on-chain analysis suggests that there may be one significant obstacle standing in the way of a price surge for Optimism.
Crypto analyst Ali Martinez recently shared his bullish projection for the Optimism price based on on-chain data from IntoTheBlock. The analysis revolves around the density of investors who purchased the OP token at specific price zones. The chart provided by Martinez illustrates the investor density around the current value of Optimism.
According to the data, a major resistance zone for Optimism is located between $2.17 and $2.30. Around 27,000 addresses purchased a significant 45 million tokens within this range. Martinez highlights this price zone as a critical area to watch, considering the substantial buying activity that occurred. He suggests that a sustained close above this resistance zone could signal a bullish breakout and potentially propel the OP token towards $2.70, representing a price growth of over 26%.
Performance and Market Ranking
At the time of writing, the Optimism price stands at $2.11, reflecting a 2.4% decline in the past 24 hours. The sluggish performance in the past day reflects the struggles the altcoin has faced throughout the week. CoinGecko data shows that the Optimism price has remained relatively stable over the past seven days. Although it reached a multi-month high of $2.46 earlier in the week, it has since experienced a correction and is currently trading around $2.10. Despite these challenges, Optimism remains among the top 40 cryptocurrencies with a market capitalization of approximately $1.94 billion.
The Optimism price has encountered obstacles in its path to a new high following a period of bullish momentum. The analysis of on-chain data suggests that the resistance zone between $2.17 and $2.30 is a crucial area to monitor. Over 27,000 addresses purchased a significant number of tokens within this range, indicating its importance in determining the altcoin’s future trajectory. While the current decline in price may be discouraging, a sustained close above the resistance zone could potentially lead to a bullish breakout and a considerable price growth for Optimism. As always, investors are reminded to conduct their own research and consider the risks involved before making any investment decisions.
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