$OP surged 21% in a day, and the funding rate is still negative. Shorts may not yet realize they’re being squeezed in the opposite direction.
According to OKX perpetual data, $OP is now around 0.159, up from 0.1257 over the past 24 hours and reaching a high of 0.1608. Lately, 0.15 had been a ceiling it couldn’t break through; several attempts in recent days were rejected. This time, it looks like it has decisively moved above that level.
There are three reasons I’m paying attention:
1. The price is up 21%, but the funding rate is around -0.023%, suggesting quite a few traders are still shorting against the trend. As long as the price holds, those short positions could fuel further gains.
2. Media reports from a couple of days ago said open interest for $OP on Binance Futures rose by more than 15% in a single day. Now that the move is breaking upward, those newly opened short positions are under the most pressure.
3. Media reports say the Unichain testnet migration to OP Enterprise has launched, with the mainnet scheduled to go live on October 29. This could be a fundamental catalyst.
I’m leaning bullish, but I wouldn’t chase the price:
- Support is at 0.15. If it falls back below that, it would mean this was a false breakout, and I’d admit I was wrong.
- The first level to watch above is around the 24-hour high of 0.1608.
- If the funding rate turns clearly positive, it would suggest longs are starting to get crowded. At that point, I’d remind everyone to watch out for risk.
Would you buy $OP near 0.15?
(Not investment advice)
According to OKX perpetual data, $OP is now around 0.159, up from 0.1257 over the past 24 hours and reaching a high of 0.1608. Lately, 0.15 had been a ceiling it couldn’t break through; several attempts in recent days were rejected. This time, it looks like it has decisively moved above that level.
There are three reasons I’m paying attention:
1. The price is up 21%, but the funding rate is around -0.023%, suggesting quite a few traders are still shorting against the trend. As long as the price holds, those short positions could fuel further gains.
2. Media reports from a couple of days ago said open interest for $OP on Binance Futures rose by more than 15% in a single day. Now that the move is breaking upward, those newly opened short positions are under the most pressure.
3. Media reports say the Unichain testnet migration to OP Enterprise has launched, with the mainnet scheduled to go live on October 29. This could be a fundamental catalyst.
I’m leaning bullish, but I wouldn’t chase the price:
- Support is at 0.15. If it falls back below that, it would mean this was a false breakout, and I’d admit I was wrong.
- The first level to watch above is around the 24-hour high of 0.1608.
- If the funding rate turns clearly positive, it would suggest longs are starting to get crowded. At that point, I’d remind everyone to watch out for risk.
Would you buy $OP near 0.15?
(Not investment advice)