Optimism (OP) Technical Analysis: In Major Liquidity Zone Following Head & Shoulders Formation
32.21 million Optimism (OP) tokens, approximately 1.84% of the market cap value amounting to $17.72M, will be unlocked on June 30, 2025 at 03:00 UTC. Therefore, we should be careful about the price and the levels before the unlocking. Let’s study the chart together.
As clearly seen on the daily chart, Optimism (OP) has been in a downtrend since the $6.00 peak and is at the end of a critical technical formation called Head and Shoulders, which has caused a selling pressure with the breakdown of the neckline of the formation. The price is trading at the level of $0.55 now and has rebounded from the $0.46 - $0.38 area, marked as the "Major Liquidity Zone" on the chart.
If the price can hold, the first important price level will be the resistance at $0.665 in upward movement. If the price can go above this resistance, then the other resistance zones $0.90 - $1.00 and $1.22 - $1.36 can be tested. However, what we need is a breakout of these areas, then a retest.
On the other hand, we can expect the Major Liquidity Zone to work as support once again and perhaps complete the double bottom formation if the price drops to the level of $0.46. Selling pressure may increase further if the price closes below $0.46; what is more, pricing at $0.38 and below may cause a longer-term descending trend.
These analyses, not offering any kind of investment advice, focus on support and resistance levels considered to offer trading opportunities in the short and medium term according to the market conditions. However, the user is responsible for their own actions and risk management. Moreover, it is highly recommended to use stop loss (SL) during the transactions.
