Optimism (OP) Price Under Pressure Due to Whale Selling

BE[IN]CRYPTO05-23

Optimism’s price is noting a consistent uptrend but is still stuck in consolidation under the $2.99 mark. OP whales that accumulated 52 million OP moved to sell nearly $78 million worth of assets in a...

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Two major cohorts, the whales and the long-term holders, are exhibiting bearishness, which could affect the price soon.Read More: Optimism vs. Arbitrum: Ethereum Layer-2 Rollups Compared. A move above $2.99 will enable OP to breach $3.17 and head towards $3.59, which would also invalidate the bearish outlook.","collect":0,"end_time":0,"defaultTopTitle":"beincrypto.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4216":"消闲设施","LTH":"Life Time Group Holdings, Inc.","OP":"Oceanpal Inc","BK4021":"海运"},"translate_title":"乐观（OP）价格因鲸鱼抛售而承压","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"LTH":1,"OP":1},"content_text":"Optimism’s price is noting a consistent uptrend but is still stuck in consolidation under the $2.99 mark.\nOP whales that accumulated 52 million OP moved to sell nearly $78 million worth of assets in a day.\nLong-term holders are also losing conviction, as evidenced by their largest move since September 2023.\n\nThe Optimism (OP) price is making a slow move upward, but this is creating uncertainty among investors.\nThe lack of conviction has resulted in whale selling and a bearish development among the most important cohort.\nOptimism Investors See Downside\nOptimism’s price rise might slow down as investors continue to move their holdings on the network. Two major cohorts, the whales and the long-term holders, are exhibiting bearishness, which could affect the price soon.\nThe addresses holding between 1 million and 10 million OP recently bought more than 52 million OP within a day. However, the next day, they sold 30 million OP worth about $78 million. This shows that the large wallet holder’s accumulation was not out of conviction but likely a profit-taking move. \nOptimism Whale Selling. Source: Santiment\nIn addition, the long-term holders (LTH) also recently sold a huge chunk of their holdings. These investors are known to hold their supply for more than a year, and their move tends to be a bearish sign.\nThe impact of their actions can be assessed using the age consumed metric. It shows the total volume moved multiplied by the days since the last move. This provides insight into the sentiment of long-term holders.\nRead More: What Is Optimism?\nOptimism Age Consumed. Source: Santiment\nSpikes in this metric hint at rising bearishness among LTHs, who are likely looking to sell their holdings. OP observed the largest spike since September 2023, raising concerns surrounding future price action.\nOP Price Prediction: Consolidation Ahead?\nOptimism’s price has been in an uptrend for the past month and a half, bringing the altcoin to $2.68 at the time of writing. However, in this duration, OP has attempted to breach the $2.99 resistance twice, failing both times.\nThe altcoin also cemented $2.33 as a crucial support floor, and in the future, these will be the limits of consolidation. Bearish cues will keep Optimism’s price moving sideways.\nRead More: Optimism vs. Arbitrum: Ethereum Layer-2 Rollups Compared\nOptimism Price Analysis. Source: TradingView\nHowever, a breakout or breakdown could change this sentiment. The chances of a breakout are higher than those of a breakdown. \nA move above $2.99 will enable OP to breach $3.17 and head towards $3.59, which would also invalidate the bearish outlook.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.24.0","shortVersion":"4.24.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2437737379"}