Optimism (OP) experienced a significant price surge, jumping over 13%, fueled by confirmation of its imminent listing on Upbit, South Korea’s largest cryptocurrency exchange.
The exchange announced OP trading pairs against the Korean Won (KRW), Bitcoin (BTC), and Tether (USDT), triggering intense market reaction. This announcement catalyzed a dramatic 460% increase in trading volume, propelling OP to a two-month high of nearly $0.828.
Technical analysis suggests OP is now testing critical resistance near $0.85. A decisive breakout above this level could potentially lead to a significant 40% advance, targeting the $1.20 price point. Conversely, failure to surpass resistance carries the risk of a price pullback.
Underpinning the bullish price action, derivatives markets exhibit strong positive sentiment. Total Open Interest for OP surged by 38% to reach $310 million. On Binance specifically, the Long/Short Ratio stands at 2.06, indicating a strong majority of traders are positioned for further gains.
Further corroborating the strength, the Chaikin Money Flow indicator, a measure of buying and selling pressure, returned a reading of +0.10. This positive value signifies substantial capital inflow supporting the ongoing price increase.
The Upbit listing represents a major liquidity and accessibility milestone for the Optimism ecosystem within an influential market.