Key Takeaways
OP rallied 13% on Upbit listing news, testing key resistance. Bullish traders dominate, but the next move hinges on $0.85 breakout.
Optimism [OP] rallied over 13% in the last 24 hours, hitting a two-month high and entering the top gainers list. The surge followed the news of OP’s upcoming spot listing on Upbit, South Korea’s largest crypto exchange.
Why is Optimism’s price rising?
According to the listing announcement, South Korean users will be able to trade OP in pairs such as Korean Won (KRW), Bitcoin [BTC], and Tether [USDT].
The impact of the upcoming listing is notably evident in OP’s price and has gained widespread attention from the market.
At press time, OP hovered near $0.828, while trading volume surged 460%, reflecting a sharp uptick in both retail and institutional interest.
This combination of volume and price momentum often suggests that gains may be more than a short-term spike.
OP’s breakout and next targets
AMBCrypto’s technical analysis indicates that the listing helped OP break above a long-term descending trendline, pushing the token toward a critical resistance zone at $0.85.
Historically, this level has acted as a major selling zone since March 2025. OP has tested this barrier multiple times but faced rejection and downward pressure on each occasion.
Source: TradingView
If OP flips this barrier, bulls could target a 40% move toward $1.20. But failure at this level may result in another pullback below $0.85.
The Chaikin Money Flow (CMF) reads +0.10, suggesting that capital continues flowing into OP, supporting the rally’s strength.
However, the 200-day EMA remains overhead, which means OP is still technically in a broader downtrend. A confirmed breakout would require a close above the 200 EMA.
Derivatives market backs the bulls
Amid the bullish sentiment and positive news, Optimism’s Open Interest (OI) soared by 38% to $310 million in the past 24 hours, signaling strong capital inflows and rising trader confidence.
On Binance, the Long/Short Ratio hit 2.06, with 67.34% of traders holding long positions, according to CoinGlass data. This dominant bias suggests bullish momentum is well-supported.
Source: CoinGlass
When combining this metric and the recent announcement with technical analysis, it appears that bulls are currently in control of the market.
If momentum persists, OP may soon break its prolonged resistance and begin a new leg upward.
