OP Token Hits Key Support Zone After 97% Plunge, Technicals Hint at Potential 40x Rebound

Crypto analyst Crypto Patel recently released a chart analysis pointing out that although the Optimism (OP) token price has fallen sharply by about 97% from its historical high of nearly $5, currently trading around $0.12, it may have entered a key area of long-term buyer accumulation. This area, defined between $0.075 and $0.13, is a zone where liquidity is gradually being absorbed in a long-term downward channel, suggesting that selling pressure is weakening. From a technical structure perspective, OP has been operating in a multi-year downward channel since its cycle high, and had formed a weekly bearish divergence at the top, indicating momentum exhaustion. Subsequently, the price broke through the key structure line and attempted a failed pullback, confirming the continuation of the downward trend. The current price is at the bottom of this channel, accompanied by volatility compression, which is a typical signal of market stabilization after a long period of decline.

Patel emphasized that if the OP price can break through $0.3764 on a weekly closing basis in the future, it will constitute the first clear bullish reversal signal, marking a potential shift in market control from bears to bulls. Prior to this, the price may continue to fluctuate within the support range to complete the digestion of remaining selling pressure. From a fundamental perspective, Optimism, as the core infrastructure of the Ethereum Superchain ecosystem, currently supports more than 34 Layer 2 chains, accounting for more than half of the total Layer-2 trading volume in the market. Its ecosystem's total locked value (TVL) has reached $6.3 billion, and trading activity continues to climb. At the same time, the project has received over $425 million in investment support from top institutions such as a16z and Paradigm, and implements a token repurchase mechanism of approximately 50% of protocol revenue, providing underlying support for long-term value. Planned ZK integration and protocol upgrades are expected to further enhance network efficiency and security, injecting new momentum into price recovery.