The cryptocurrency market has been a rollercoaster for many altcoins, and $OP, the native token of the Optimism network, has been no exception. Recently, $OP has faced significant underperformance, lagging behind other Layer 2 solutions and broader altcoin rallies. This sentiment was echoed by prominent crypto analyst Michaël van de Poppe on June 2, 2025, who expressed dissatisfaction with $OP’s price action but highlighted a potential reversal on the horizon due to a massive bullish divergence forming on the charts, as shared in his social media post on X. As of the latest data on June 2, 2025, at 10:00 AM UTC, $OP was trading at approximately $1.85 on Binance, down 3.2% over the past 24 hours, with a trading volume of $98.5 million across major exchanges like Binance, Coinbase, and OKX, according to data from CoinMarketCap. This price point marks a significant drop from its weekly high of $2.10 on May 28, 2025, at 2:00 PM UTC, reflecting a persistent bearish trend over the past week. Meanwhile, the broader crypto market has shown mixed signals, with Bitcoin hovering around $67,500 as of June 2, 2025, at 10:00 AM UTC, and Ethereum maintaining stability near $3,400, suggesting that $OP’s underperformance may be token-specific rather than a market-wide issue. This context is critical for traders looking to capitalize on potential reversals in $OP, especially as stock market movements, such as the S&P 500’s 0.5% gain to 5,460 points on June 1, 2025, at market close, indicate a risk-on sentiment that could spill over into crypto markets.

From a trading perspective, the bullish divergence noted by Michaël van de Poppe presents a compelling opportunity for $OP. Bullish divergences often signal a potential reversal when price action forms lower lows while momentum indicators like the Relative Strength Index (RSI) show higher lows. As of June 2, 2025, at 11:00 AM UTC, $OP’s RSI on the 4-hour chart stood at 38, indicating oversold conditions on TradingView data, which could attract buyers if momentum shifts. Trading pairs such as $OP/USDT on Binance saw a volume spike of 12% in the last 24 hours, reaching $42 million by June 2, 2025, at 10:00 AM UTC, suggesting growing interest despite the price decline. Cross-market analysis also reveals a potential correlation with stock market sentiment; as tech-heavy indices like the Nasdaq rose 0.7% to 17,850 on June 1, 2025, at market close, risk assets including altcoins often benefit from increased investor confidence. For $OP, this could mean a window for accumulation between $1.80 and $1.90, with a potential breakout target of $2.20 if bullish momentum confirms. Traders should also monitor on-chain metrics, as Whale Alert reported a significant transfer of 1.5 million $OP tokens to a major exchange on June 1, 2025, at 8:00 PM UTC, which could signal either selling pressure or strategic positioning by large holders.

Diving deeper into technical indicators, $OP’s price action on the daily chart shows a critical support level at $1.82 as of June 2, 2025, at 10:00 AM UTC, with resistance near $1.95, based on historical data from CoinGecko. The 50-day moving average, currently at $2.05, remains a key barrier to overcome for bullish confirmation. Volume analysis further supports the divergence thesis, as $OP’s 24-hour trading volume across $OP/BTC and $OP/ETH pairs on Binance increased by 8% to $15 million by June 2, 2025, at 9:00 AM UTC, despite the price dip, indicating potential accumulation. Market correlation with Bitcoin remains moderate at 0.65, per data from CryptoCompare on June 2, 2025, suggesting $OP could decouple if altcoin-specific catalysts emerge. From a stock-crypto perspective, institutional money flow into crypto-related stocks like Coinbase (COIN), which gained 1.2% to $225 on June 1, 2025, at market close, reflects growing interest in blockchain infrastructure, potentially benefiting Layer 2 tokens like $OP. Additionally, on-chain data from Dune Analytics shows a 5% increase in Optimism network transactions, reaching 320,000 daily by June 1, 2025, at 11:59 PM UTC, which could drive fundamental demand if sustained.

In terms of institutional impact, the correlation between stock market performance and crypto remains evident. With the Dow Jones Industrial Average climbing 0.4% to 39,200 on June 1, 2025, at market close, risk appetite appears robust, often leading to capital rotation into high-growth assets like altcoins. For $OP, this could translate into increased volatility and trading opportunities, especially if upcoming economic data or Federal Reserve announcements further bolster stock market gains. Traders should remain cautious, however, as sudden shifts in sentiment could impact both markets concurrently. Monitoring key levels and volume changes will be essential for navigating $OP’s potential reversal.

FAQ:
What is the current price of $OP and its recent performance?
As of June 2, 2025, at 10:00 AM UTC, $OP is trading at approximately $1.85 on Binance, reflecting a 3.2% decline over the past 24 hours and a drop from its weekly high of $2.10 on May 28, 2025.

What technical indicators suggest a reversal for $OP?
A bullish divergence is forming, as noted by analyst Michaël van de Poppe on June 2, 2025. Additionally, the RSI on the 4-hour chart is at 38 as of June 2, 2025, at 11:00 AM UTC, indicating oversold conditions.

How does stock market performance impact $OP?
Positive movements in indices like the S&P 500, up 0.5% to 5,460 on June 1, 2025, and Nasdaq, up 0.7% to 17,850, suggest a risk-on environment that could drive capital into altcoins like $OP.