One of the biggest news topics that concerns both long-term investors and daily traders is undoubtedly token unlocks. Token unlocks are a measure used to stabilize the supply and demand balance of the created crypto asset. This week, there will be important token unlocks that closely affect the cryptocurrency market, but in this article, we will examine the token unlock of Optimism, one of the most important Layer-2 blockchain networks in the Ethereum ecosystem.
Last 12 Hours for OP Token Unlock
According to the Token Unlocks data that shares token unlock information, there will be token unlocks worth more than $138 million in the cryptocurrency market this week. Optimism, a Layer-2 scaling solution, will release tokens worth $34.79 million with the token unlock event scheduled for tomorrow.
The amount of tokens that will be unlocked in the event, which will take place tomorrow (August 30) at 07:00 AM, corresponds to 3.4% of the total supply of OP tokens. As the event approaches, investors eagerly await the token unlock, and at the time of writing, OP token is trading at $1.43.
OP Chart Analysis
The channel formation that has been ongoing since the middle of June on the 4-hour chart continues after a bear trap. It remains a matter of curiosity how the token unlock will affect the price, which is currently at a critical point. It is worth mentioning that there is an expectation of selling and a potential price increase after the token unlock.
The support levels that need to be considered for OP are respectively $1.38, $1.17, and $1.04. Especially the $1.38 level should be closely monitored as it is both a channel formation and a previously tested support. The resistance levels that need to be monitored for OP are respectively $1.63, $1.81, and $2.05. The $1.63 level is significant as it is above the 4-hour EMA 200 average, and if the $2.05 level is broken, the channel formation will work, leading to a significant price increase.
