Optimism (OP) Surges by 15% Following Upbit Listing Announcement

Optimism (OP), the native asset powering the Optimism Layer-2 network built atop Ethereum, experienced a significant price surge in Asian markets after South Korea’s top crypto exchange, Upbit, confirmed it would list the token on its spot trading platform.

Upbit’s Listing Spurs Market Excitement

Upbit’s recent announcement revealed that OP will be available for trading against the Korean Won (KRW), Bitcoin (BTC), and Tether (USDT), starting at 4:30 PM KST on July 28. Traders were advised to ensure deposits are made through the Optimism network, as the exchange will not accommodate transactions from other blockchains.

In addition, due to the “Travel Rule” regulations, deposits from platforms not on the government-approved virtual asset business list may be delayed or even rejected, the exchange cautioned.

The listing news sparked a swift rally in OP’s price, which jumped roughly 15% from $0.740 to a peak of $0.858, a level it had not seen since mid-May. Although the token has slightly pulled back since then, it still held strong at $0.80 at the time of writing, reflecting a 7.10% gain within the last 24 hours.

Optimism Volume Surge Signals Growing Investor Interest

In addition with the price rally, trading volume soared dramatically. Data showed a 309.90% increase, bringing daily transaction volume to a striking $520.8 million. This spike suggests intensified market participation and increased attention from traders looking to capitalize on the momentum.

Upbit has a history of influencing market trends with its listing announcements. Tokens like Maple Finance (SYRUP), Caldera (ERA), and Ethena (ENA) have all experienced significant upward movement following similar listings, underscoring Upbit’s market-moving reputation.

Analysts Predict Bullish Outlook, But Caution Ahead

Technical analysts are optimistic about OP’s potential trajectory. One analyst, Daniel Ramsey, noted on X that the token has broken out of a falling wedge pattern on the weekly chart, a historically bullish indicator suggesting a possible sustained upward move.

Further fueling the optimism, another market expert predicted that OP could eventually climb as high as $5, driven by fundamental strengths and bullish technical signals.

However, a potential hurdle lies ahead, according to Tokenomist, a scheduled token unlock on July 31 will see 31.34 million OP tokens released, accounting for 1.79% of the circulating supply. Such events can often trigger short-term price dips as additional supply enters the market, possibly leading to increased sell pressure.

Despite the looming unlock, the overall sentiment remains positive, with analysts and traders closely monitoring OP for continued momentum.