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A data that investors in the cryptocurrency market closely follow is undoubtedly token unlock events. According to Token Unlocks platform, there will be token unlocks worth $88.94 million next week. Tomorrow, the Ethereum Layer-2 project called Optimism (OP) will have a token unlock event that needs to be closely monitored.
Final Hours for OP Token Unlock
According to the data from Token Unlocks platform, token unlocks worth $88.94 million will take place in the cryptocurrency market next week, and the largest of these events will occur in the Ethereum Layer-2 project called Optimism, with a value of $33.34 million.
The event will take place tomorrow morning (October 30) at 07:00, and the amount of tokens in question corresponds to 2.74% of the total supply of OP tokens. At the time of writing, OP token was trading at $1.38, and the OP token unlock event stands out as the most valuable token unlock event of the week.
OP Chart Analysis
The first notable formation in the daily OP chart is the descending wedge. This formation has managed to break the resistance line with the recent rise, increasing the expectation that the formation will work in an upward direction. The most important resistance level in this chart structure is the EMA 200 level, which is $1,516.
The support levels that need to be watched for OP in the daily chart are respectively $1,347, $1,311, and $1,271. Particularly, if a close below the support level at $1,347, which was seen in the last six bars formation, occurs, it may cause the loss of momentum in the upward movement. However, if the OP price touches the descending wedge resistance line and the line acts as support, it will help the price gain significant strength from these levels.
The resistance levels that need to be followed in the daily chart for OP are respectively $1,417, $1,466, and $1,534. Especially, if a bar closing above the $1,534 level, which intersects with the EMA 200 level, occurs, it will eliminate the most important resistance that puts pressure on OP and help the price gain momentum in its upward movement.
