Optimism (OP) has experienced a steep decline of approximately 97% from its cycle high near $5, according to market analysis. The token is now forming an accumulation zone around $0.09–$0.12, though the overall trend remains bearish. A sustained recovery would require the price to reclaim the $0.376 level, which could then potentially lead to targets of $2 or $5 in a significantly bullish shift.
The price of Optimism (OP) has fallen sharply after its early growth rally. Analyst Crypto Patel highlighted on X that the asset is down 97.76% from its cycle highs.
The price broke its structural uptrendline, which then acted as resistance. This signaled a shift in control from buyers to sellers in the market.
Optimism is now trading within a descending channel on its weekly chart. It is range-bound in a higher timeframe demand zone from $0.075 to $0.13.
The network has raised over $425 million from major venture groups like a16z and Paradigm. Its current market capitalization is approximately $270 million.
For a bullish scenario to unfold, OP must close a weekly candle above $0.3764. This level is near supply areas formed after the price drop.
Technical analysis projects initial resistance near $0.85. Further targets in a strong recovery could reach $2 or even the previous high near $5.
