Optimism (OP) has demonstrated significant short-term bullish momentum, surging 20% since early June to test critical resistance near $0.72-$0.74. This upward movement breaks OP’s previous bearish structure within its established $0.59-$0.84 trading range.
Technical indicators present mixed signals despite the price appreciation. The Money Flow Index (MFI) reading of 44 suggests persistently weak buying pressure beneath the surface. Liquidation heatmaps reveal substantial short liquidations clustered around $0.72, potentially enabling a brief push toward $0.74 before any significant pullback occurs.
Derivatives markets reflect heightened speculative interest, with Open Interest (OI) climbing $22 million during the rally. While funding rates show gradual improvement, the sustainability of OP’s gains remains heavily dependent on broader market conditions.
Bitcoin’s performance emerges as a decisive factor for OP’s trajectory. A sustained BTC rally above $110,000 could provide the necessary momentum for OP to challenge its next major resistance at $0.85.