• There has been an increase in accumulation by large investors over the past 24 hours.
• The technical chart indicates that OP could reach $2.60, supported by the formation of a golden cross pattern.

Despite its one-month struggle after a 22.34% decline, Optimism [OP] has begun to recover, showing steady gains of 7.92% weekly and 1.70% daily.

With renewed buying activity, particularly from large investors, and a notable rise in average transaction value, OP may be ready for a significant rally.

Large investors step in

The market has witnessed a surge in large transactions involving OP over the past 24 hours, corresponding with a minor price increase.

At the time of writing, 277.17 million OP, valued at $501.62 million, were purchased by large investors who hold a significant portion of the supply.

This activity suggests that the bulk buying was in favor of OP’s rally, as its price slight sees gain.

Additionally, the average transaction size has spiked notably, reaching levels last seen on the 4th of November. The average transaction size stood at $20,697.00 over the past 24 hours.

The increase in both average transaction size and large transaction volume indicates substantial bulk purchases of the asset, adding a bullish undertone to the market.

A trade to $2.60 as target

The bullish outlook remained evident on the chart at press time, with OP trading within an accumulation pattern and forming a golden cross pattern.

On the 4-hour chart, OP was trading within a symmetrical pattern defined by converging support and resistance lines—a bullish setup that has appeared occasionally.

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Author: Olayiwola Dolapo