Cryptocurrency market investors closely follow token unlock events. According to the Token Unlocks platform, next week will see the unlocking of tokens worth $345.27 million. Tomorrow, the unlock event for the native token OP of the popular Ethereum Layer-2 network Optimism is an event that should be closely monitored.
Optimism Unlock Event
Token Unlocks platform data indicates that the largest event next week in the crypto market will be the unlocking of $90.11 million worth of tokens from the Ethereum Layer-2 project Optimism. Recent token unlock events in Layer-2 ecosystems continue to draw criticism from the crypto community. Investors are advised to be cautious due to concerns of potential losses.
The event, taking place tomorrow (March 29) at 07:00 AM, will unlock an amount of OP tokens that represents 2.40% of the total supply. As the event approaches, investors are eagerly waiting, and at the time of writing, the OP token was trading at $3.71. The OP token unlock event stands out as the most valuable token unlock of the week.
OP Chart Analysis
The rising channel formation is the first notable structure in the two-hour Optimism chart. According to this structure, the absence of any breaks in the support and resistance lines provides important clues to investors. However, the recent correction that left the price below the EMA 200 (red line) could lead to a short-term loss of momentum for the price.
The most important support levels to watch on the two-hour OP chart are, in order; $3.697, $3.650, and $3.615. A two-hour bar closing below the $3.65 level, which intersects with the support line, will cause OP price to lose momentum.
The most important resistance levels to watch on the OP chart are, in order; $3.741, $3.771, and $3.808. A two-hour bar closing above the $3.771 level, which intersects with the EMA 200, will help the OP price gain momentum.
