OP Consolidates Near $0.66 as Major Token Unlock Creates Selling Pressure
Joerg Hiller Sep 30, 2025 07:59
Optimism trades at $0.66 following a significant 116 million token unlock that increased circulating supply by 6.89%, creating downward momentum despite firm open interest.
What Happened
Optimism (OP) declined 1.60% in the past 24 hours to trade at $0.66, extending losses following a major token unlock event on September 21 that released 116 million OP tokens into circulation. The unlock increased the circulating supply by 6.89% and triggered an 11.82% price decline, though the token has since stabilized around current levels with open interest maintaining strength at $150 million.
The Details
The September 21 token unlock represented one of the largest single supply increases for Optimism this year, adding significant selling pressure to the market. Despite concerns about dilution, trading volume remained robust at $8.42 million over the past 24 hours, indicating sustained market participation. The OP price initially dropped from approximately $0.79 to current levels near $0.66, representing a notable correction but showing signs of stabilization.
Market participants had anticipated the unlock event, with many positioning defensively ahead of the release. The fact that OP has held above the $0.63 support level suggests some absorption of the additional supply, though the token remains under pressure from the increased float.
Technical Response
From a technical perspective, OP is trading below all major moving averages, with the 20-day SMA at $0.74 representing immediate resistance. The token sits 10.5% below the SMA-20 and 6.2% below the 200-day moving average at $0.71, indicating broad-based weakness.
The RSI reading of 40.6 suggests neutral momentum rather than oversold conditions, while the MACD remains bearish with a negative histogram of -0.0110. Key support levels are clustered around $0.63, which has held during recent selling pressure. Resistance appears firm at $0.86-$0.88, levels that would require significant buying momentum to reclaim.
What Traders Are Doing
Despite the token unlock creating headwinds, open interest in OP futures has remained steady at $150 million, suggesting traders are maintaining positions rather than capitulating. This stability in derivatives markets indicates that while spot selling has occurred, leveraged traders are not rushing to exit positions.
The OP/USDT pair has seen consistent volume during the consolidation phase, with buyers stepping in near the $0.63 support zone. This price action suggests institutional and retail participants are viewing current levels as potentially attractive for accumulation, though cautious positioning remains evident.
What’s Next
The immediate outlook for OP depends largely on whether the $0.63 support level holds under continued supply pressure from the recent unlock. A break below this level could target the next support zone, while any recovery would need to reclaim the $0.74 resistance level represented by the 20-day moving average.
Market participants will be watching for signs that the additional token supply has been fully absorbed, which could provide a foundation for price stabilization. The firm open interest levels suggest that a significant portion of the selling may have already occurred.
The Takeaway
OP’s ability to hold above $0.63 despite major token unlock pressure demonstrates underlying demand, but traders should monitor volume patterns for signs of genuine accumulation before positioning for a recovery.
For the latest OP price updates and Optimism analysis, monitor key support and resistance levels mentioned above.
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