Cryptocurrency investors are keeping a close eye on upcoming token unlock events, with $452.75 million worth of tokens set to be unlocked next week, according to the Token Unlocks platform. Of particular interest is the unlock of Optimism’s native token OP, which is scheduled for tomorrow.
The Token Unlocks platform data reveals that next week’s token unlocks will be worth $243.36 million, with the largest event being the release of $64.51 million worth of tokens from the Ethereum Layer-2 project Optimism. This event, taking place tomorrow at 06:00, will unlock 2.31% of the total supply of OP tokens. With just a few hours remaining, investors are eagerly anticipating the event. At the time of writing, the OP token was trading at $2.67.
The OP token unlock event is expected to be one of the most significant events of the week.
When analyzing the daily OP chart, investors have been able to glean valuable insights since October. Recently, the selling pressure has caused a break in the rising trend line, resulting in a significant loss of momentum for OP. The EMA 200 (red line) has played a crucial role as resistance in recent bar formations, which could pose challenges for OP moving forward.
On the daily chart, key support levels to watch for OP are $2.55, $2.31, and $2.05. Of particular interest is a daily bar close below the $2.55 level, which intersects with the EMA 21 (green line), as it could expose the OP price to selling pressure.
Conversely, important resistance levels to monitor on the daily chart for OP are $2.85, $3.24, and $3.82. A daily bar close above the $2.85 level, which is above the EMA 200, would help OP gain momentum. In the long term, for OP to experience positive growth, its price would need to consistently close above the $4 level on a daily basis.
It is important to note that the information provided in this article should not be considered as investment advice. Investors should be aware of the high volatility and risks associated with cryptocurrencies and should conduct thorough research on their own.
