Optimism (OP) is exhibiting signs of renewed bullish momentum, driven by increased activity across both spot and derivatives markets. Spot Taker CVD data indicates sustained buying dominance, while Open Interest in OP futures contracts has surged significantly, rising 18.14% to reach $194.92 million.
Despite this positive sentiment, whale activity suggests potential profit-taking could emerge. Large holder netflows have declined by 62% over the past week, contrasting sharply with a substantial 1,397% increase observed over the preceding 90 days.
Underpinning the bullish outlook is strengthening network fundamentals. Daily Active Addresses on the Optimism network increased by 6.66% in the past week, accompanied by a 6.35% rise in New Addresses.
Market volatility for OP has notably decreased, with its 30-day volatility metric falling to 105.26%, marking the lowest level in over a month. This decline often precedes a potential breakout or consolidation phase.
The critical technical hurdle for OP remains the $0.61 resistance level. Analysis of Binance’s liquidation heatmap reveals dense clusters of short liquidations near this price point, indicating that a decisive breach could trigger significant price volatility.