Optimism (OP), the native token of the optimism network, a layer 2 -scale solution built at the top of Ethereum (ETH), has reached a two -month summit during the hours of Asian negotiation today.
This increase was triggered by Upbit, the largest cryptocurrency exchange in South Korea, announcing the list of Altcoin on its trading platform.
Upbit announces an optimism list (OP)
In its latest announcement, the exchange detailed that Op Trading will be available in the following pairs: Korean Won (KRW), Bitcoin (BTC) and Tether (USDT). Trading will start at 4:30 p.m. Standard time (KST), on July 28, deposits and withdrawals opening within two hours of the announcement.
Upbit advised users to deposit via the correct OP-optimism network, because the exchange will not support transactions via other networks.
“In order to comply with the travel rule, discussion deposits that are not listed on the list of approved virtual business providers cannot be treated. Non -supported deposits can take a long time,” said the ad.
The news started a rapid market response. The price jumped from around 15% from $ 0.740 to $ 0.858. This has marked the highest price level since mid-May.
However, Altcoin has lost some of its earnings. At the time of writing the editorial staff, OP was negotiated at $ 0.80, up 7.10%.
In addition to the price, the volume of negotiations also skyrocketed 309.90% to 520.8 million dollars. This indicated a high interest and activity of investors.
The reaction of the market is quite typical, in particular given the impact of Upbit on the market. Historically, the announcements to register the exchange triggered notable price overvoltages in tokens like Maple Finance (syrup), Caldera (ERA), Ethena (ENA), and more.
Meanwhile, market observers are quite optimistic about OP prospects. In a final article on X (formerly Twitter), analyst Daniel Ramsey observed that the price had experienced an escape model in the weekly time.
It is an optimistic graphic model that signals a potential price of price upwards after rupture. Thus, Ramsey plans that OP will see significant price gains.
“Complete shipping. 1TP – $ 1.490. 2TP – $ 1.970. 3TP – $ 2.940,” he wrote.
Meanwhile, another analyst has planned that OP could reach $ 5 in the long term. This paints an image quite optimistic for Altcoin.
Nevertheless, the next locking of the tokens can create short -term pressure on the price of the OP. According to Tokenomist data, the network will publish 31.34 million OP tokens on July 31. This represents 1.79% of the current supply of circulation.
Evolved token unlocking events can cause increased sales pressure as newly unlocked tokens become available for trading. Depending on the feeling of the market and the demand for a token, this influx of supply could potentially alleviate the price, at least in the short term.
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