Optimism Price Prediction: 2024, 2025, 2030

OP price prediction: Key highlights

1. Primary support and resistance levels

• $0.9 can be anticipated to be the lowest support on the weekly chart.
• The high resistance at $4.6 can make it challenging for the price to increase.

2. Market sentiment

• OP’s market sentiment in July 2024 has been strongly bearish.

3. Predictive forecasts

• Based on our AI/ML predictive algorithms, OP is projected to average at around $60 in 2028 and over $12,000 in 2035.

Take a glance at the given thorough weekly technical analysis of OP, followed by the coming days of the month, upcoming months, and yearly forecast tables derived from our AI/ML-based predictive models: 

OP technical analysis: Market crash drowns token

Many digital currencies initially recorded new highs this crypto season, and OP was not left behind. However, with the recent downturn, examining the sustainability of investor interest necessitates a closer look at the Optimism price prediction for 2024.

The period under review commenced with the token standing firm at its lowest yearly support level, $1.2, in July 2023. Bullish traders' mid-month efforts to reverse the downtrend resulted in a temporary price uplift. Nevertheless, the attempt lacked sufficient strength, returning the price to its initial low. 
 

Buyers amassed enough momentum in a turnaround by October to push the price to test $2.3 by December. A significant surge in mid-month enabled the altcoin to surpass all preceding resistance levels. Following this, the token tested the critical $4.0 mark. 

After a minor retracement at $3.0, the token, along with the broader market, resumed its upward trajectory in February.  Notably, the ascent pushed OP to set a new all-time high (ATH) of $4.8 in March. This development marked $4.6 as the highest resistance encountered by the price.

Due to this new high, AMBCrypto reported that all Optimism addresses had reached a profitable state for the first time in history.  Nonetheless, this enthusiasm was short-lived. Mid-March saw a swift correction, and the prices dipped below the $4.0 mark. 

Moreover, the downturn pulled the token to $2.3 in April. A late-month attempt to retest $3.0 faced rejection. Even the new month did not bring any significant changes to the price.

Despite this, AMBCrypto highlighted that Optimism stood out as the Layer 2 platform with the highest level of development activity. The Optimism Superchain also attracted over $6 billion in deposits from Ethereum (ETH) Layer 1. However, network growth around the OP token declined significantly in early May, indicating a drop in new addresses showing interest in OP.
 

Notably, in late May, addresses holding between 1 million and 10 million OP purchased over 52 million tokens in a single day. However, they sold 30 million of these the following day, valued at approximately $78 million. This indicated that the accumulation by these whales was likely a profit-taking move rather than a display of conviction.

Therefore, the downtrend resumed in June, with the token losing its standing over $2.3 by mid-month. The declines were further exacerbated by the release of 31.34 million on June 30. By July 2024, OP was back where it started at $1.2, erasing a year's gains. The token exchanged hands at $1.3 by the end of the analysis.
 

AMBCrypto revealed that significant cryptocurrency unlocks are scheduled for July. Optimism is set to release over $73 million worth of tokens. According to TokenUnlocks, 10 million tokens will be unlocked on July 15. This can play a crucial role in determining the token's future trajectory.

Increased selling pressure could drive the price below the lowest support to $1.0. In a more pronounced pessimistic scenario, the token could fall below this critical mark to go as low as $0.9.

Conversely, if bulls replicate their previous victories, the price can be due for another rally. Reclaiming $3.0 would be necessary to mark a trend reversal. This can pave the way for further gains, possibly attaining the ATH again. 

The long-term prospects for the OP token seem promising despite some short-term volatility. By 2028, the average price of OP is projected to be around $60, indicating steady growth. The forecast becomes even more bullish in 2035 when the price is expected to cross into a five-digit valuation, with the average price soaring above $12,000.

OP's 2024 roadmap: Key indicators to watch and trade

• The trading volume mirrored the price movements. A significant increase was observed between December and January, coinciding with the price appreciation. 
• This dampened quickly because of the drops. Slight intermittent recoveries were again noted in 2024 but weren’t sustained as the volume receded with the latest downturn. 
• The Moving Average Convergence Divergence (MACD) analysis showed that the MACD line initially started below the signal line, and both stayed under the zero line.
• By late October, the MACD line crossed above the signal line. Additionally, towards the end of November, it reclaimed its position above the zero line. The signal line followed this movement by December.
• After reaching a peak in March, the MACD line descended, forming a bearish crossover the following month. Furthermore, it turned negative by late May, with the signal line mirroring this drop by late June.
• At the time of writing, the MACD line stood at -0.278, the signal line at -0.077, and the histogram at -0.201. This suggested that the downtrend was strengthening.
• The Chaikin Money Flow (CMF) briefly turned positive between mid-July and mid-August, with a short surge observed in October. It decisively moved over the zero line in mid-October. 
• However, the indicator returned to register negative values by July. At press time, it stood at -0.02. This indicated a resurgence of distribution amid increasing selling pressure.