Investors in the cryptocurrency market are paying close attention to upcoming token unlock events. According to Token Unlocks platform, next week will witness a total of $452.75 million worth of token unlocks. Of particular interest is tomorrow’s unlock event for OP, the native token of the popular Ethereum Layer-2 network Optimism.
Final Moments Before Optimism Token Unlock
Token Unlocks platform data reveals that next week will witness token unlocks worth $243.36 million in the cryptocurrency market, with the largest event being $64.51 million worth of tokens from the Ethereum Layer-2 project Optimism.
This event is set to take place tomorrow morning at 06:00, unlocking an amount of OP tokens equivalent to 2.31% of its total supply. With only a few hours remaining, investors are eagerly anticipating the event. As of now, the OP token is trading at $2.67. The OP token unlock event is considered one of the most significant events of the week.
OP Chart Analysis
The daily chart for OP has been providing valuable insights to investors since October. Recently, the selling pressure has caused a significant loss of momentum for OP, breaking the rising trend line. The EMA 200 (red line) has played a crucial role as a resistance level in recent bar formations, which could pose challenges for OP going forward.
On the daily chart, key support levels to keep an eye on for OP are $2.55, $2.31, and $2.05. In particular, if the daily bar closes below the $2.55 level, which intersects with the EMA 21 (green line), it could expose OP to further selling pressure.
Important resistance levels to monitor on the daily chart for OP are $2.85, $3.24, and $3.82. A daily bar closing above the $2.85 level, which is above the EMA 200, would help OP gain momentum. In the long term, for OP to experience positive movement, its price would need to consistently close above the $4 level on a daily basis.
Disclaimer:
The information provided in this article is not intended as investment advice. Investors should be aware that cryptocurrencies are highly volatile and carry inherent risks. It is advisable for investors to conduct their own research before making any investment decisions.
