Optimism price drifts below key moving averages— will upcoming $8.6M unlock add pressure?

Optimism price has fallen below key moving averages, with traders cutting leverage ahead of a $8.3M token unlock.

Optimism traded at $0.2678 at press time, down 4% in the past 24 hours. Over the last seven days, price moved between $0.252 and $0.282. OP is now 1.3% lower on the week and 18% down over the past month.

The token is also far from its peak. Price is nearly 94% below the 2024 high of $4.84, showing a sustained decline that has defied recovery attempts.

Daily spot trading volume rose to $62.1 million, up 32.1%. Activity picked up, but price did not follow, pointing to short-term trading rather than fresh conviction.

Derivatives data from CoinGlass shows a similar picture. Volume jumped 53% to $135 million, while open interest fell 3.77% to $79 million. Traders were active, but leverage exposure shrank. Positions were closed faster than new ones were built, which often happens when direction is unclear or risk is being trimmed.

Token unlock approaches as supply remains limited

The setup comes ahead of a scheduled token unlock. Tokenomist data shows that 31.34 million Optimism (OP) tokens, worth about $8.37 million, will unlock on Dec. 31. That equals 1.65% of the released supply.

Only 44.22% of Optimism’s total supply is in circulation so far. About 1.90 billion tokens have been released out of a maximum 4.29 billion. The project’s market cap is just above $520 million, while the fully diluted value sits around $1.15 billion.

Unlocks do not always lead to selling. Still, they raise available supply. In weak market trends, added supply can weigh on price, especially when buyers are already cautious.

Optimism price technical analysis

OP is in a clear downtrend, with lower highs and lower lows still intact. Price trades below the 20-day moving average and below the middle of the Bollinger Bands, keeping sellers in control.

The sharp sell-off earlier in the month widened the bands a bit. That move confirmed strong downside pressure. Since then, volatility has cooled and price has moved sideways. This looks more like a pause than a turnaround.

Momentum indicators reflect this balance. Although the relative strength index has risen from oversold levels, it remains below 50, maintaining bearish control. The MACD has flattened, indicating a slowing downward momentum rather than a shift in trend. The general bias is strengthened by the majority of moving averages, which are above price.

Resistance is located between $0.28 and $0.31, where the upper band and short-term averages line up. Support is in the $0.24 to $0.25 range, an area that has held for now. Without a daily close above $0.30, upside attempts remain fragile.