OP Price Prediction Targets $1 Amid Soaring Open Interest and Bullish Setup

Optimism (OP) has emerged as a focal point in the altcoin space following a notable price rally and increasing market engagement. The recent momentum has sparked speculation of a potential move toward the $1 threshold, driven by a combination of technical strength and rising participation in derivatives markets.

The 1-hour OP/USDT chart reflects a sustained upward trajectory starting around July 13, when the token rebounded from the $0.62 region and reached highs near $0.83 by July 20. This movement formed a pattern of consistently higher highs and higher lows, indicating a favorable environment for bullish setups.

Following the peak, the price corrected slightly to $0.784, suggesting the presence of short-term profit-taking rather than a breakdown in momentum.

Source: Open Interest

Accompanying this price action was a significant surge in open interest. Aggregated open interest in OP derivatives rose from under $86 billion to approximately $99.58 billion. This climb underscores a steady increase in capital allocation and market activity tied to the token, typically seen as a confirmation of directional conviction.

Although open interest showed a slight dip to $99.37 billion toward the end of the observed period, the overall trend remains positive. Provided that OP maintains its support around $0.76 while open interest holds or recovers, the underlying structure supports continued upside movement.

Data from BraveNewCoin over the past 24 hours illustrates strong technical behavior in OP’s price movement. The token rose from $0.745 to approximately $0.795 before retracing to $0.76, gaining 1.47% in the process.

This intraday price action aligned with higher lows and sustained volume participation, reinforcing bullish pressure throughout the session. Price activity was most aggressive between 16:00 and 20:00 UTC, coinciding with a sharp increase in trading volume.

Source: BraveNewCoin

Volume for the period reached $347.8 million, confirming active market engagement and supporting the uptrend. When price and volume move in tandem, the setup often indicates strength behind the move, with the potential for trend continuation.

Current resistance appears near the $0.80 mark, while support levels are established at $0.745, where consolidation preceded the latest breakout. With a market capitalization exceeding $1.32 billion and a circulating supply of over 1.75 billion OP tokens, the asset’s current trajectory reflects broader buyer participation across spot markets.

At the time of writing, the OP/USDT daily chart confirms a constructive technical structure, with the price closing at $0.787 following a 3.15% gain. The token has shown a steady climb from June’s lows near $0.457 and is approaching a key resistance zone between $0.80 and $0.82.

Daily candlesticks reflect continuous accumulation, supported by moderate pullbacks and follow-through buying, signaling interest at various price levels.

Source: TradingView

The MACD line has crossed above its signal counterpart, with a widening gap and rising histogram bars indicating positive momentum. This signal emerged as OP reclaimed short-term moving averages, suggesting the rally is gaining strength. In parallel, the Chaikin Money Flow (CMF 20) remains positive at 0.07, reinforcing the presence of net buying pressure.

Price levels near $0.72–$0.70 serve as initial support, while a deeper floor exists at $0.65. Holding above these zones will be critical for sustaining momentum toward the $0.95–$1.00 area, a region of prior resistance and strategic interest for market participants.