Layer-2 (L2) token OP is one of today’s top gainers. Its price is up by almost 15% over the past day, driven by news of its listing on Upbit.
On the daily chart, OP has printed its largest green candle in five days. This signals an uptick in bullish momentum and confirms strong buying interest among traders.
OP Rockets on Upbit News: Price and Volume Spike
South Korea’s largest cryptocurrency exchange, Upbit, announced the listing of OP trading pairs with KRW, BTC, and USDT today. The listing has increased the token’s visibility, triggering a wave of buying interest that has sent OP to a five-day high as of this writing.
Over the past 24 hours, OP has surged by 13%, positioning itself among the top-performing assets in the market today. The double-digit rally is backed by a 225% spike in trading volume, which has climbed to $455.36 million at the time of writing.
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When an asset’s price and trading volume spike, it signals strong market interest and confirms the strength of the price move.
As with OP, high volume during a price surge suggests that the rally is backed by genuine demand rather than short-term speculation. This combination indicates bullish momentum and hints at the potential for further upside in the L2 token’s value.
Furthermore, OP’s spot netflow currently sits at a multi-month high of $9.56 million, a sign of growing demand and increased trading activity around the altcoin.
According to Coinglass, netflows into OP spot markets have rocketed by over 1000% over the past 24 hours. This trend highlights the significant capital rotation into the token since the Upbit announcement.
OP Surges, But $0.69 Pullback Threatens If Demand Fades
OP’s positive price action, climbing trading volume, and netflow data suggest the token may be poised to extend its gains in the near term if market momentum holds. In this scenario, the token’s price could break above resistance at $0.84 to reach $0.95.
However, OP risks losing some of its recent gains once profit-taking resumes. A pullback in new demand for the altcoin could push its price downward to $0.69.
The post Optimism (OP) Hits Multi-Month Netflow High as Upbit Listing Sends Price Flying appeared first on BeInCrypto.
