Optimism (OP) breaks out after 150 days—Is a rally to $3 next?

• Optimism breaks key resistance with bullish momentum, setting sights on a potential $3 rally soon.
• Network adoption spikes with active addresses surging 16.7%, signaling strong demand for Optimism.

Optimism [OP] has successfully surged past its long-standing resistance zone of $1.80–$1.90, a barrier that held firm for over 150 days. The breakout, supported by strong trading volume and bullish momentum, signals growing interest in the asset. 

While OP reached $2.28 as of press time, a slight market correction is expected, with potential pullbacks providing opportunities for accumulation.

Breakout above $1.80–$1.90 resistance

The $1.80–$1.90 range served as a crucial resistance level for Optimism throughout its consolidation phase. Breaking above this range represents a shift in market sentiment and marks the beginning of a potential upward trend. 

This level had previously acted as a strong barrier, with buyers now showing renewed interest.

Crypto analyst Michaël van de Poppe observed that the breakout sets Optimism on a bullish trajectory. He stated, 

“Those corrections (all the way towards $1.80–$1.90) provide a second opportunity before it goes to $3.” 

Source: X

Historical trends suggest that such pullbacks often act as retests, where prices revisit prior resistance to confirm it as support before resuming their upward movement.

Path to $3.00 and beyond

The next major resistance for OP lies at $3.00, a level that could serve as a pivotal target for traders. If the $1.80–$1.90 zone holds during any correction, OP is expected to consolidate and gain momentum for another push higher. 

Breaking above $3.00 could pave the way for sustained price growth in the medium term.

Data shows Optimism has a circulating supply of 1.3 billion tokens and a market capitalization of $2.87 billion. With a 24-hour trading volume of $796 million, OP has declined by 2.39% in the last 24 hours but remains up by 32.55% over the past seven days. 

This recent surge highlights the growing market activity around the token.

On-chain data shows growing adoption

On-chain data from IntoTheBlock reflects steady growth in network activity. Over the past seven days, 2.84k new addresses have been created, contributing to the current 16.37k active addresses. 

Zero-balance addresses have dropped by 11.72%, suggesting that previously inactive wallets are now engaging with the network.

Source: IntoTheBlock

These metrics point to increasing user adoption and a heightened level of engagement on Optimism’s Layer-2 blockchain. 

The growth in active addresses, which rose by 16.7% in the past week, indicates strong interest in the network’s potential.

Transaction volume reflects healthy network activity

Transaction volume for Optimism has also shown variability but remains robust. The 7-day average stands at 212.62 million OP, with a peak of 271.01 million OP recorded on 22nd November. 

 Realistic or not, here’s OP market cap in BTC’s terms

The lowest volume during this period was 148.75 million OP, logged on 25th November.

Source: IntoTheBlock

These fluctuations suggest active trading and utility on the network, indicating that traders and users are engaging with the ecosystem amid ongoing market movements.