Optimism (OP) Price Under Pressure Due to Whale Selling
Optimism Investors See Downside
The 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.
Optimism'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.
Optimism Whale Selling
In 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.
The 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.
OP Price Prediction: Consolidation Ahead?
Optimism’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.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.