Optimism finally popped.
$OP is up about 16% to $0.142 after spending almost a week glued to the $0.13 to $0.14 band. This one was telegraphed. Open interest kept climbing while price went nowhere, and top traders sat nearly two to one long into every fade. That setup is usually not a base. It is a spring.
The move is out now, and I am watching one thing: spot follow-through. Binance spot did roughly $13M in 24 hours on the move. That is thin tape, and thin tape is what turns breakouts into wicks when nobody follows through. I want to see real spot volume confirm before trusting the number.
$0.14 was the line in the sand all week. Holding above it is what separates a breakout from a wick. $0.16 is the next reference point on the chart.
Follow for level-by-level updates on $OP .
$OP is up about 16% to $0.142 after spending almost a week glued to the $0.13 to $0.14 band. This one was telegraphed. Open interest kept climbing while price went nowhere, and top traders sat nearly two to one long into every fade. That setup is usually not a base. It is a spring.
The move is out now, and I am watching one thing: spot follow-through. Binance spot did roughly $13M in 24 hours on the move. That is thin tape, and thin tape is what turns breakouts into wicks when nobody follows through. I want to see real spot volume confirm before trusting the number.
$0.14 was the line in the sand all week. Holding above it is what separates a breakout from a wick. $0.16 is the next reference point on the chart.
Follow for level-by-level updates on $OP .