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3d ago

Optimism Token Faces $0.85 Barrier After Upbit Listing

Traders are weighing whether an impending unlock of 31.34 million new tokens will stall further gains after the recent Upbit-driven rally.

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Overview

  • Upbit opened KRW, BTC and USDT trading for OP on July 28, fueling a 13% price jump to roughly $0.84 and a trading volume increase of over 700%.
  • Open interest in OP derivatives rose by 38% to $310 million as analysts noted a breakout from a falling wedge on weekly charts.
  • OP is currently hovering near a critical $0.85 resistance that traders believe could determine the next leg of the rally.
  • Investors are bracing for a token unlock of 31.34 million OP tokens set to enter circulation, a factor that may introduce short-term sell pressure.
  • The listing on South Korea’s largest crypto exchange highlights growing demand for Ethereum layer-2 scaling solutions in key global markets.