Optimism [OP] has risen over 13% in the past 24 hours, hitting a two-month high and ranking among the top gainers. This follows news that OP will soon be listed on Upbit, South Korea's largest cryptocurrency exchange, prompting a surge in OP's price.
Why is the price of Optimism rising?
According to the listing announcement, South Korean users will be able to trade OP against currencies such as Korean Won (KRW), Bitcoin [BTC], and Tether [USDT].
The impact of the upcoming listing is particularly evident in OP's stock price and has garnered widespread attention from the market.
As of the time of writing, OP is hovering around $0.828, with trading volume surging 460%, reflecting a sharp increase in interest from both retail and institutional investors.
The combination of volume and price momentum often suggests that the gains may not just be a short-term spike.
The breakout of OP and the next target.
Technical analysis from AMBCrypto indicates that this listing has helped OP break through a long-term downtrend line, pushing the token towards the key resistance area of $0.85.
Historically, this level has been a major selling area since March 2025. OP has tested this barrier multiple times, but each time has faced rejection and downward pressure.
If OP breaks through this threshold, bullish targets could see a 40% increase, with a target price of $1.20. However, if it fails to break this threshold, it may pull back below $0.85 again.
The Chaikin Money Flow (CMF) reading is +0.10, indicating that capital continues to flow into OP, supporting the strength of the rebound.
However, the 200-day moving average is still above, which means the technical picture for OP remains in a broader downtrend. Confirmation of a breakout requires a close above the 200-day moving average.
The derivatives market supports the bulls.
Driven by bullish sentiment and favorable news, Optimism's open interest (OI) surged 38% in the past 24 hours, reaching $310 million, indicating strong capital inflow and rising trader confidence.
According to data from CoinGlass, Binance's long-short ratio has reached 2.06, with 67.34% of traders holding long positions. This dominant trend indicates that bullish momentum has strong support.
Combining this indicator with recent announcements and technical analysis, it seems that the bulls currently control the market.
If momentum continues, OP may soon break through its long-term resistance and begin a new round of increases.
