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• Optimism (OP) price surged greater than 7% on Sunday to succeed in intraday highs of $1.61.
• the Ethereum layer-2 protocol unlocked 24 million OP tokens price $38 million into circulation on July 30.
• OP price might flip to $1.89 if bulls stay in management within the quick time period.

Optimism (OP) price surged greater than 7% on Sunday to succeed in intraday highs of $1.61 as at 10:30 am ET. The good points put the Ethereum layer 2 protocol among the many high performing crypto belongings previously 24 hours.

Daily buying and selling quantity is up 107% from a day in the past, in response to knowledge from CoinGecko, with this coming even because the optimistic rollup community unlocked 24 million on July 30. 

Interestingly, on-chain knowledge shows Optimism’s transaction quantity just lately surpassed that of different Ethereum L2 Arbitrum.

OP price prediction after token unlock

The launch of extra OP into circulation is a part of the cryptocurrency’s scheduled unlocks. The newest noticed 24 million OP price $38 million added to circulating provide that presently stands at 679,080,066 OP. 

According to Token Unlocks, Optimism has one other 45 token unlocks lined up. How does this unlock replicate in OP’s price?

Optimism’s native token flipped inexperienced regardless of right this moment’s token unlock. But previous to the surge, bearish stress had seen it decline to lows of $1.44, the rejection having occurred when OP/USD touched above $1.64 on July 24.

Meanwhile, the day by day chart means that bulls have the higher hand with the Relative Strength Index (RSI) indicator rising and the Moving Average Divergence Convergence (MACD) alerts potential bullish energy. 

OP price can be above the 50-day Exponential Moving Average (EMA), which has acted as help for the previous two weeks. If price breaks above $1.64, the following goal may very well be $1.89 and $2.00.

If draw back stress resurfaces, OP price might depend on help at $1.44 after which $1.20.