Analyst Calls Optimism Price Bottom Amid This Bullish Setup; Is $17 in Sight?
Highlights
- Crypto analysts hint at a $7.2 target for Optimism price as the technical chart shows an ascending triangle pattern.
- The triangle pattern drives the current consolidation in TON, with a key resistance level around $1.9.
- The renewed selling pressure at triangle resistance will invalidate the breakout thesis and prolong the consolidation.
During the U.S. trading session on Monday, the crypto market winessed an accelerated momentum as Bitcoin price spiked to a new high of $85,000. Most major altcoins are following the same pace and preparing to challenge their respective highs. Amid the bullish sentiment, crypto analysts bring investors’ focus to Optimism price as it forms a cyclic pattern before initiating a major rally.
By press time, the OP price had traded at $1.73, with an intraday gain of 5.9%. According to Coingecko, the asset’s market cap was boosted to $2.19 billion, and the 24-hour trading volume was $627.5 million.
Analyst Identifies Optimism Price Bottom Amid Bullish Setup
Over the past 5-months, the Optimism price has showcased a sideways trend, struggling to surpass the $2 barrier. While the consolidation trend may indicate a lack of buyers’ conviction, crypto analyst Ali Martinez reveals it as a formation of an ascending triangle pattern.
A horizontal resistance trendline and an ascending support trendline characterize this chart setup. Generally, this setup emerges as an established uptrend as the temporary consolidation allows buyers to regain bullish momentum before the next leap.
With the crypto market today, the Optimism price trades at $1.7, trading nearly 11% away from the key resistance breakout. Interestingly, the altcoin formed a similar pattern in the June-October 2023 consolidation and the August-December lateral movement in 2022, both triggering a massive bull run.
If history repeats, the crypto analyst believes the post-breakout rally could hit $7.2, registering a potential growth of 336%.
OP Coin Accumulation Surges as Large Holders Boost Holdings
Despite the sideways action, the OP coin has witnessed an active accumulation trend since February 2023. According to Santiment data, the large holders with 1 Million to 10 million coins have increased their holding from 131 Million to 741 million ADAs.
This significant rise in holdings implies growing confidence among institutional and large investors in the asset’s long-term potential. Such accumulation trends often precede major market reversals and could signal reduced selling pressure.
On the contrary, if the sellers continue defending the overhead resistance despite the U.S. election boost, the Optimism price could prolong consolidation.
Frequently Asked Questions (FAQs)
1. What does the accumulation trend of OP coins indicate?
2. Why do analysts believe Optimism is at a market bottom?
3. What happens if Optimism fails to break resistance?
- Bank of America, Citigroup and Goldman Sachs Explore Issuing Stablecoins Pegged to G7 Currencies
- Breaking: Bitcoin Falls After Trump Threatens ‘Massive’ Increase in Tariffs on China
- Breaking: $8 Trillion Morgan Stanley Opens Bitcoin Investments to All Wealth Clients
- Bitget Strengthens On-Chain Rewards Push With Early Hunter Airdrop Launch
- Fed’s Chris Waller Reiterates Support for Rate Cuts but Urges Caution On Pace
- Can $TAPZI Reach $1 In Q1 2026?
- Here’s Why XRP Price May Have a Zcash-Like Surge
- $TAPZI Price Prediction: What’s Ahead of the $TAPZI token Presale?
- Cardano Price Targets $2 as Hydra 1.0 Ignites New Era of Speed and Adoption
- Dogecoin Price Prediction as $23M Leaves Exchanges—Is the Parabolic Phase Beginning?
- Pi Network Price Collapses as Analyst Proposes Turnaround Tweaks
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
