Optimism Holds $0.751 Support As Chart Signals Path Toward $8.50

OP price tests $0.751 support which aligns with the 0.618 Fibonacci retracement from earlier swings.

A confirmed Elliott Wave (3) could drive Optimism to $8.50 before entering a corrective Wave (4).

Volume profile shows major accumulation zones between $0.37 and $3.00 supporting future bullish momentum.

Optimism (OP) is trading at $0.753, down 4.65% in the latest session, as technical analysis points to a potential multi-wave rally. The chart suggests a five-wave Elliott structure that could drive the token toward $8.50 in future cycles if current support holds.

Current Technical Position

The OP/USDT chart shows the asset recently retesting a key horizontal support zone near $0.751. This level aligns with the 0.618 Fibonacci retracement from previous swings, providing a possible foundation for a new bullish phase.

Price action indicates OP may be completing a corrective Wave (2) within a larger Elliott Wave sequence. If validated, the next advance would correspond to Wave (3), typically the most powerful move in the cycle.

The stochastic RSI at the bottom of the chart is positioned near oversold territory, a condition often preceding short-term reversals. Historical patterns suggest that breaks from similar zones have led to strong impulsive moves.

Projected Wave Structure and Targets

The Elliott Wave projection outlines a path where Wave (3) extends significantly above the current range. The model indicates a potential advance toward $8.50 before entering a corrective Wave (4).

Following Wave (4), the structure anticipates a final Wave (5) extension, which could push OP toward higher valuations not yet quantified in the chart. Wave ratios also highlight intermediate Fibonacci targets, including $1.618 near $22.25 and a 2.618 projection around $197.93, representing extreme long-term scenarios.

Volume profile analysis on the right side of the chart shows significant accumulation zones between $0.37 and $3.00, suggesting strong historical interest at these price ranges. Sustained buying pressure within this band could support the progression toward upper targets.

Key Question for Market Participants

The chart raises an important question: will Optimism sustain its base at $0.751 to ignite the projected Wave (3) surge?

If the support level fails, the next visible accumulation zone on the volume profile lies near $0.37, which could extend the correction. Conversely, holding above $0.751 and breaking short-term descending resistance would validate the bullish outlook toward $8.50.

Traders may watch for a breakout above the highlighted trendline resistance as a confirmation signal. This move, coupled with increasing volume, would align with the start of the projected upward phase.

As of the latest session, OP remains at a technical crossroads. The market’s next reaction to the $0.751 support zone could determine whether the five-wave Elliott roadmap unfolds as projected or whether deeper consolidation will be required before a new rally emerges.