Whale Recently Sold a Large Amount of OP: On-Chain Data

The blockchain tracking firm Lookonchain tweeted earlier today that a whale recently made a large Optimism (OP) deposit to Binance. According to the post, the whale had sent 1.04 million OP, worth approximately $1.48 million.

Shortly after making the massive deposit, the firm noted that the whale had sold some OP tokens at a loss. Lookonchain believed that the whale had done this out of fear of the upcoming OP unlock happening later today, which may result in millions of OP being dumped in the next 24 hours.

At press time, the altcoin’s price stood at $1.47 following a 3.62% drop over the past 24 hours, according to CoinMarketCap. During this time period, OP also weakened against the two crypto market leaders Bitcoin (BTC) and Ethereum (ETH) by 1.30% and 1.90% respectively. As a result, 1 OP was worth 0.00005426 BTC and 0.0007878 ETH.

Daily chart for OP/USDT (Source: TradingView)

The daily chart for OP/USDT showed that the altcoin’s price had been in a downward trend since 19 April 2023. Since then, the altcoin dropped below two key support levels, ultimately flipping them into resistance. The first key level that was breached was $2.399, which OP had dropped below on 21 April 2023. Thereafter, OP’s price closed below $1.927 on 6 May 2023.

At press time, the crypto’s price was hovering slightly above the $1.362 support level. The 9-day EMA was still bearishly positioned below the 20-day EMA, which suggested that OP’s price would continue to fall in the next 24 hours. The daily RSI line was positively sloped, however. Should it cross the RSI SMA, OP will enter into a bullish cycle.

Should OP’s price close today’s trading session above the aforementioned $1.362 mark, then it may look to break above the 9-day and 20-day EMA lines in the next 24-48 hours. This will place its price around $1.722. On the other hand, a close below $1.362 will put the altcoin’s price at risk of dropping to just over $1 in the following few days.

Disclaimer: The views and opinions, as well as all the information shared in this price Analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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