Key Takeaways
- Optimism surged 17% in 24 hours, leading to a breakout. This came as the holding time of transacted coins rose, suggesting anticipation for gains.
At the time of writing, Optimism [OP] gained over 17% in the past 24 hours, breaking out of its wedge consolidation.
The token breached the $0.60 sloping resistance, reaching its highest level since mid-June.
This breakout suggests a potential continuation of the bullish trend, with the next resistance at $0.75.
A Chaikin Money Flow (CMF) reading of +0.16 confirmed strong buying pressure, supporting the bullish momentum.
Source: TradingView
Nevertheless, in case OP lost the level at $0.60 and fell back under the support, the price could pull back towards $0.55. This level would determine whether the trend could be maintained or not.
Alternatively, bullish signals would escalate if the price broke and stayed above $0.75 successfully.
Inflow volume and transactions surge, but…
Despite OP gaining momentum, transaction volume topped $1.56 billion over the past week.
Yet, according to IntoTheBlock data, only 4% of holders were in profit, with 94% at a loss and the rest breaking even, as of writing.
This suggests a large portion of holders are sitting on unrealized losses or entered positions at lower price levels, potentially indicating long-term conviction.
Source: IntoTheBlock
Recent data shows transaction activity—particularly on Binance and Coinbase—rose by 84% within a week. Despite this surge, price action remained sluggish, encountering resistance at key levels.
While large trades increased, most holders haven’t seen profits yet, pointing to investor caution or a lack of sustained upward momentum.
The inflows haven’t stabilized prices, and many holders may still be waiting for stronger market pressure to break even or lock in gains.
What does the rising holding time of OP coins mean?
Moreover, the holding time of the transacted Optimism Coins rose by about 20%, 70% over weekly and monthly periods, respectively.
This meant that traders were holding their own OP coins because of high price returns.
Source: IntoTheBlock
Meanwhile, the adoption rate for Optimism rose to 26%, up from a low of 13%, helping support coin preservation and long-term holding behavior.
User engagement climbed notably, especially in Eastern and Western regions, with over 40,000 recorded transactions.
With price consolidation in recent months, rising adoption and increased holding suggest traders are positioning for a potential bullish move.
However, as with all financial markets, this outcome remains uncertain.
