Optimism is showing signs of stabilization after recent declines, holding above a crucial structural support level that has historically triggered bullish rebounds.
Analysts are watching closely as the token consolidates around this zone, suggesting that the coming sessions could define whether the asset reclaims upward momentum or extends its corrective phase.
Op Shows Crucial Support Structure
In a recent analysis shared on X, a market analyst noted that $OP is currently testing a vital demand area near the $0.70 mark, a zone that has repeatedly served as the foundation for prior recoveries. The 4-hour chart shows consistent buying reactions at this level, establishing it as a “last line of defense” before deeper correction risks.
Source: X
Bakery’s annotated chart outlines a potential bounce scenario in which the memecoin could gradually climb toward the $0.74–$0.78 resistance range if this base holds. The setup indicates that short-term accumulation is underway, with each dip attracting buyers seeking favorable risk-to-reward entries.
However, the analyst also cautions that losing this level could flip market sentiment bearish, potentially exposing the crypto to further downside toward $0.66 or lower. For now, the structure remains neutral, and confirmation through volume expansion will be critical in validating any bullish continuation from here.
Market Data Reflects Resilient Participation Despite Pullback
According to BraveNewCoin data, the coin currently maintains a market capitalization of $1.27 billion, with a 24-hour trading volume of $155.428 million. The token’s circulating supply stands at 1.77 billion tokens, ranking it #108 among cryptocurrencies by market cap.
Source: BraveNewCoin
OP’s price has increased by 0.88% in the past 24 hours, reflecting short-term weakness, but liquidity and participation remain robust. The consistent volume figures suggest that traders continue to engage actively with the asset despite recent corrections. Analysts view this as a sign of ongoing interest, particularly from those anticipating a rebound from this historically reliable support area.
Technical Structure Reinforces Bullish Potential in Play
A follow-up post from CRYPTO BAKERY confirmed that the token is moving as expected,” highlighting the token’s continued respect for the projected support zone and its early signs of a recovery push. The latest chart updates show OP trading near $0.71, consolidating tightly along the horizontal trendline that defines the lower boundary of the current range.
Source: X
Momentum indicators are showing mixed but improving signals. The Alligator indicator on lower timeframes suggests a squeeze formation where declining volatility could lead to an imminent directional move. A breakout above $0.74 would likely validate the recovery thesis, while sustained strength above $0.76 could open the door toward $0.80, confirming a higher low structure.
Conversely, if the token breaks below $0.69, the bullish setup would weaken, and traders may shift focus to the $0.65 region as the next potential support. Market participants emphasize the cryptocurrency, noting that disciplined stop-loss management remains key while the token hovers at this inflection point.
