CandleFocus Optimism’s 10 Million OP Airdrop Might Trigger a 64% Rally in Price
2024-10-10
Author: Content Editor
The price of Optimism (OP) has shown signs of a bullish trend as it remains within an ascending triangle pattern, signaling potential upward movement. The recent fifth airdrop of 10.3 million OP tokens, worth over $15 million, has generated positive market sentiment and expanded the platform's reach. While some investors are concerned about the increase in token supply, many are choosing to hold onto their tokens, limiting potential selling pressure. The network growth metric has seen a 611% surge in a single day, indicating increased interest and potential inflows of new capital. Currently trading at $1.51, OP is testing the lower trend line of the ascending triangle pattern, presenting a bullish opportunity with a target price of $3.17. However, if the price fails to break past the $1.87 resistance, the anticipated rally may be delayed.
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