Optimism (OP), the Layer 2 scaling solution built with Ethereum (ETH), a native token for the Optimism Network, has surged to two months’ heights during trading hours in Asia today.
The rise was triggered by Upbit, South Korea’s biggest cryptocurrency exchange, and released a list of Altcoin on its spot trading platform.
Upbit announces optimistic (OP) listing
In its latest announcement, Exchange details that OP transactions will be available in the following pairs: South Korea Won (KRW), Bitcoin (BTC), and Tether (USDT). The transaction begins on July 28th at 16:30 Standard Time (KST) in Korea, with deposits and withdrawals open within two hours of announcement.
Upbit advised users to deposit through the correct OP-OpTimism network as Exchange does not support transactions over other networks.
“To comply with travel rules, we cannot process deposits from exchanges that are not listed on the approved virtual asset business provider list. The return of unsupported deposits can take a long time,” the announcement reads.
The news sparked a rapid market response. Prices rose by about 15% from $0.740 to $0.858. This marked the highest price level since mid-May.
But Altcoin has dumped some of its profits. At the time of writing, the OP was trading at $0.80, up 7.10%.
In addition to prices, trading volume also skyrocketed by 309.90% to $520 million. This indicates a high level of investor interest and activity.
The market response is very typical, especially with Gidvidbit’s impact on the market. Historically, Exchange’s list announcements have caused a noticeable price surge in tokens such as Maple Finance (Syrup), Caldera (ERA), and Ethena (ENA).
Market Watchers, meanwhile, are very optimistic about the OP’s outlook. In his latest post on X (formerly Twitter), analyst Daniel Ramsey observed that prices experience breakouts from falling wedge patterns in weekly time frames.
This is a bullish chart pattern showing potential upward price movements after a breakout. Therefore, Ramsey expects the OP to win a significant price increase.
“Full transmission. 1TP – $1.490. 2TP – $1.970. 3TP – $2.940,” he wrote.
Meanwhile, another analyst predicted that the OP could reach $5 in the long term. This makes a very bullish picture for Altcoin.
Nevertheless, future token unlocking could create short-term downward pressure on the OP’s price. According to Tokenomist data, the network will release 31.34 million OP tokens on July 31st. This represents 1.79% of current circulation supply.
Tokens that unlock such events can lead to increased sales pressure as new, unlocked tokens become available for trading. Depending on market sentiment and token demand, this inflow of supply could attenuate prices, at least in the short term.
Disclaimer
In compliance with Trust Project guidelines, Beincrypto is committed to reporting without bias and transparent. This news article is intended to provide accurate and timely information. However, we recommend that readers independently verify the facts and consult with experts before making decisions based on this content. Please note that our terms and conditions, privacy policy and disclaimer have been updated.
