Investors in the digital currency marketplace are monitoring the schedule for upcoming token release events, which have garnered significant attention. An upcoming release involving the Optimism network’s native token, OP, is particularly noteworthy due to its high value and potential impact on the market.
Optimism’s Significant Token Release
The Token Unlocks tracking platform has flagged an event set to occur tomorrow, which will free up a substantial amount of OP tokens, equivalent to 2.40% of the total supply, worth approximately $90.11 million. The anticipation among investors is palpable, as these tokens prepare to enter circulation, and at the last report, the OP token’s value stood at $3.71. The event represents the week’s most significant token release by value.
The crypto community has voiced concerns about recent unlock events within Layer-2 ecosystems, cautioning that such occurrences could lead to market volatility and investor losses. Hence, there is an air of caution as the Optimism unlock event draws near.
Technical Look at Optimism’s Price Movements
Technical analysis of the OP token price reveals a rising channel on the two-hour chart, signifying a stable pattern of support and resistance levels. Despite this, a recent dip below the EMA 200 line suggests the token may see a decrease in momentum in the short term. Investors are keeping a close watch on critical support levels at $3.697, $3.650, and $3.615, with a close below $3.65 potentially signaling a loss in bullish energy.
Conversely, resistance levels at $3.741, $3.771, and $3.808 are also on the investor’s radar. Should the token price close above $3.771, intersecting with the EMA 200, it may indicate an impending upward trajectory for the OP token.