Optimism (OP) spiked 15% to a two-month high following its listing announcement on leading South Korean exchange Upbit, sparking a 309.90% surge in daily trading volume to $520.8 million. The exchange will support OP trading in Korean Won (KRW), Bitcoin (BTC), and Tether (USDT) pairs.
Upbit confirmed deposit and withdrawal capabilities exclusively via the OP-Optimism network, while emphasizing compliance with the Travel Rule for transactions. The exchange warned of potential processing delays for transfers originating from unapproved crypto platforms.
Technical analysts observed OP breaking out from a falling wedge pattern, setting near-term price targets at $1.49, $1.97, and $2.94. Some forecasts suggest longer-term potential toward $5 if current bullish momentum sustains.
Despite the rally, market participants remain cautious ahead of a significant token unlock event scheduled for July 31, when 31.34 million OP tokens (1.79% of circulating supply) will be released. This influx could trigger short-term selling pressure and potentially offset recent gains.