Optimism continues to trade in a compressed structure following its recent decline, with price action remaining muted as buyers and sellers hesitate to take control.
Despite minor intraday gains, the broader market tone surrounding the coin remains cautious, as technical indicators and participation levels show limited conviction.
Open Interest Shows Subdued Participation as OP Moves Sideways
According to Open Interest data, OP/USD is trading at $0.306, posting a mild gain of 0.48% on the hour while holding in a tight consolidation zone. The hourly chart shows the coin fluctuating between $0.30 and $0.31, recovering slightly from a sharp drop that pushed the token down from $0.38 earlier in the week. This restrained rebound signals a market in pause mode, with neither side showing the momentum needed to shift the short-term trend.
Source: Open Interest
Aggregated open interest currently stands at 48.6 million, underscoring the lack of heightened participation. Prior attempts to build momentum were short-lived, and no meaningful increase in open interest has accompanied the modest price uptick. This suggests that the current bounce lacks depth and may be vulnerable to reversal if selling pressure returns. For the asset to break from this holding pattern, a move above nearby resistance—supported by rising open interest and volume—would be required to confirm genuine buying demand.
Data Shows OP Stabilizing Near $0.31 With Slight 24H Increase
BraveNewCoin data indicates that the token is priced at $0.31, up 0.11% in the past 24 hours. Market capitalization stands at $579.81M, with trading volume recorded at $57.85M. The steady but modest 24-hour improvement reflects controlled conditions rather than a shift in trend direction, with the coin maintaining structure within its compressed range.
The available supply of 1.89 billion tokens continues to anchor the asset’s positioning in the broader market, where recent volatility across altcoins has limited upside follow-through. While the token has avoided further breakdowns, its inability to push beyond the mid-$0.30 region reinforces the neutral-to-bearish tone that has defined its recent price behavior.
Technical Indicators Keep OP Under Pressure Despite Brief Intraday Bounce
At the time of writing, OP/USDT trades at $0.3053, marking a 1.36% intraday gain as the token lifts modestly from its recent lows. Despite this short-lived uptick, the token remains positioned near the lower Bollinger Band at $0.2916, while continuing to trade well below the Bollinger basis at $0.3752.
The ongoing rejection from the median line highlights persistent bearish momentum and difficulty reclaiming key technical levels.
Source: TradingView
Momentum readings from the MACD continue to show weakness. The MACD line at -0.0364, paired with a signal line of -0.0315 and a negative histogram of -0.0050, indicates that selling pressure remains dominant. Although the histogram shows slight flattening, the current configuration does not yet indicate a shift toward bullish momentum.
For the asset to initiate a meaningful recovery, the chart would require a close above the Bollinger median—near $0.38—paired with a confirmed MACD bull cross. Without these validations, short-term upside attempts remain vulnerable, and the broader structure continues to favor a cautious outlook as sellers maintain technical control.