Optimism (OP) Breaks Free From Year-Long Wedge—Is $1 the Next Stop?

OP trades above key EMAs while holding mid-channel support.

Breakout from a long-term falling wedge signals bullish continuation.

Price structure points to a potential 30% rally toward $1 and above.

Optimism (OP) is lighting up the charts, smashing through a year-long falling wedge while clinging to a strong ascending channel. With momentum building, traders are zeroing in on a $1 breakout that could spark its biggest rally in months.

Channel Structure Keeps Uptrend Alive

Data from Alpha Crypto Signal shows OP steadily trading within a defined ascending channel on the daily chart.Price slipped from $0.95 to $0.754 but still managed to hold above the mid-channel dashed line and the 9-day EMA at $0.766. The 50-day SMA is lower at $0.678, showing short-term momentum remains stronger than the longer-term trend.

Since early June, the channel has served as a steady guide for OP’s price movement. Each bounce from support has driven price toward resistance, building a sequence of higher lows. The latest pullback follows a sharp test of the channel’s top, a normal pattern in healthy trends. As long as OP holds above the mid-line and lower boundary, the bullish setup stays intact.

Falling Wedge Breakout Signals Bigger Move

Another Analysis from Solberg Invest on X highlights a major technical shift on the weekly chart — OP has broken out of a massive falling wedge that formed over a year of lower highs and lower lows. This breakout is the first since the wedge began after a decline from highs near $4.00.

Historically, falling wedge breakouts often precede strong rallies, and in OP’s case, analysts see potential for 30% gains from current prices. A sustained push above $0.90 could trigger acceleration toward $1.10, with the long-term technical structure leaving room for even higher targets.

Momentum Builds Across Timeframes

Market capitalization data mirrors the price structure, showing a sharp rebound from early August lows of $1.05 billion to highs above $1.50 billion before consolidating near $1.35 billion. On lower timeframes, Bollinger Bands are widening and Stochastic RSI signals periodic momentum swings — typical of a market gearing up for its next move.

With OP respecting support, holding above key EMAs, and confirming a major breakout on the higher timeframe, traders are now watching for the decisive push above $0.90–$0.95. A clean move through resistance could set the stage for OP’s strongest rally in over a year.