Optimism (OP) Price Rises After Upbit Listing Announcement Amid Potential Short-Term Pressure

• Optimism (OP) price jumped 15% after Upbit announced its listing on July 28.

• Trading pairs include KRW, BTC, and USDT, with deposits opening two hours post-announcement.

• Analysts forecast OP could reach $5 long-term, though a token unlock on July 31 may cause short-term price pressure.

Optimism (OP) surges 15% after Upbit listing announcement; trade OP in KRW, BTC, USDT pairs. Stay updated on price forecasts and token unlock impact.

Upbit Announces Optimism (OP) Listing, Boosting Market Activity

Optimism (OP), a leading Layer-2 Ethereum scaling token, experienced a significant price surge after Upbit, South Korea’s largest crypto exchange, announced its listing. Trading will be available in KRW, BTC, and USDT pairs, starting at 16:30 KST on July 28. Deposits and withdrawals open two hours after the announcement, restricted to the OP-Optimism network only.

Trading Details and Compliance Measures

Upbit emphasized compliance with the Travel Rule, warning that deposits from unapproved exchanges may face delays. This measure ensures secure and regulated transactions, protecting users and maintaining market integrity. The listing announcement triggered a rapid 15% price increase, reaching $0.858, the highest since mid-May.

Optimism (OP) Price Surge After Upbit Listing Announcement. Source: TradingView

Market Reaction and Volume Spike

Following the listing news, OP’s trading volume soared by 309.90% to $520.8 million, reflecting heightened investor interest. Although the price retraced slightly to $0.80 at the time of writing, the overall momentum remains bullish. Historically, Upbit listings have led to notable price rallies for various tokens, reinforcing its market influence.

Technical Analysis and Price Forecasts

Analyst Daniel Ramsey noted a breakout from a falling wedge pattern on OP’s weekly chart, signaling potential upward momentum. Ramsey’s targets include $1.49, $1.97, and $2.94, indicating strong bullish sentiment. Another analyst projects OP could reach $5 in the long term, underscoring optimism about the token’s growth prospects.

OP Price Prediction. Source: X/Ramseycrypto

Upcoming Token Unlock and Potential Price Impact

Despite bullish forecasts, a token unlock event on July 31 may exert short-term selling pressure. Tokenomist data shows 31.34 million OP tokens (1.79% of circulating supply) will be unlocked, increasing available supply. This could temporarily dampen prices depending on market demand and sentiment.

Understanding Token Unlock Effects

Token unlocks often lead to increased selling as holders access newly available tokens. Market participants should monitor trading volumes and price action closely during this period to gauge the unlock’s impact on OP’s price trajectory.

Frequently Asked Questions

What trading pairs are available for Optimism (OP) on Upbit?

Upbit offers OP trading pairs in Korean Won (KRW), Bitcoin (BTC), and Tether (USDT), with deposits and withdrawals supported only via the OP-Optimism network.

Why is the token unlock significant for OP investors?

The token unlock releases additional OP tokens into circulation, which may increase supply and influence short-term price movements depending on market demand.

Key Takeaways

• Upbit listing triggered a 15% price surge: OP reached a two-month high amid strong market interest.
• Trading pairs include KRW, BTC, and USDT: Deposits and withdrawals open two hours post-announcement on the OP network only.
• Token unlock on July 31 may pressure price: 31.34 million tokens will be unlocked, representing 1.79% of circulating supply.

Conclusion

Optimism’s recent surge following Upbit’s listing announcement highlights growing investor confidence in the Layer-2 Ethereum token. While bullish technical patterns and long-term price forecasts suggest strong potential, the upcoming token unlock introduces short-term uncertainty. Traders and investors should monitor market developments closely as OP navigates this pivotal period.