Cryptocurrency market investors closely follow token unlock events. According to the Token Unlocks platform, next week will see $452.75 million worth of token unlocks. Tomorrow’s unlock of the popular Ethereum Layer-2 network Optimism’s native token OP is an event to watch closely.
Final Hours Before Optimism Token Unlock
Token Unlocks platform data indicates that next week, the cryptocurrency market will see token unlocks worth $243.36 million, with the largest event involving $64.51 million worth of tokens from the Ethereum Layer-2 project Optimism.
The event happening tomorrow morning at 06:00 will unlock an amount of OP tokens equivalent to 2.31% of its total supply. With just hours left, investors are eagerly waiting while at the time of writing, the OP token was trading at $2.67. The OP token unlock event is one of the most significant of the week.
OP Chart Analysis
The daily OP chart has been providing significant clues to investors since October, with the recent selling pressure breaking the rising trend line, causing a significant loss of momentum for OP. The resistance role of the EMA 200 (red line) in recent bar formations could make the process more challenging for OP.
Key support levels to watch on the daily chart for OP are; $2.55, $2.31, and $2.05. Particularly, a daily bar close below the $2.55 level, which intersects with the EMA 21 (green line), could expose the OP price to selling pressure.
Important resistance levels to monitor on the daily chart for OP are; $2.85, $3.24, and $3.82. Especially, daily bar closings above the $2.85 level, which is above the EMA 200, would help OP gain momentum. In the long term, for a positive process to start for OP, its price needs to close above the $4 level on a daily basis.
