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\t\t\t\t\t\t\t\tPosted: September 27, 2023 \t\t\t\t\t\t Optimism [OP]<\/span><\/a> will unlock tokens worth $30 million soon, which will provide a major boost to its ecosystem. But historically, token unlocks have always been accompanied by price drops. Will it be the case this time as well?<\/span><\/p>\n Read<\/span> Optimism\u2019s [OP] Price Prediction<\/span><\/a> 2023-24\u00a0\u00a0 On 30 September, OP will unlock 3% of its locked supply, which will increase its circulating supply to nearly 8 million. <\/span><\/p>\n The news of this price drop brought about a 7% decline in OP\u2019s value, which was<\/span> trading<\/span><\/a> at $1.26 with a market cap of over $1 billion at press time.<\/span> Moreover, OP\u2019s social metrics also witnessed a plummet.<\/span><\/p>\n Over $37.48m unlocked this week \ud83d\uddd3\ufe0f\ud83d\udd13<\/p>\n \ud83d\udea8 Highlights: $OP<\/a> \ud83d\udea8$OP<\/a> 3.03% \u2013 $30.68m\ud83c\udf1f$YGG<\/a> 6.71% \u2013 $2.56m$AGIX<\/a> 0.79% \u2013 $1.73m$ACA<\/a> 3.43% \u2013 $1.32m$GAL<\/a> 1.26% \u2013 $0.78m$EUL<\/a> 0.82% \u2013 $0.4m#1INCH<\/a> <0.01% \u2013 $3k \u2014 Token Unlocks (@Token_Unlocks) September 25, 2023<\/a><\/p>\n<\/blockquote>\n \u00a0<\/p>\n As per<\/span> LunarCrush<\/span><\/a>, the token\u2019s altrank dropped substantially, which was a bearish signal. More such signals were revealed upon checking the blockchain\u2019s metrics at press time. <\/span><\/p>\n For instance, the token\u2019s MVRV ratio dropped substantially over the last week, alongside its 1-week price. The token\u2019s 1-week price volatility also took a southward turn, which was in the sellers\u2019 favor.<\/span><\/p>\n Source: Santiment<\/p>\n<\/div>\n In addition to the above metrics, OP\u2019s MACD displayed a bearish crossover as well, further increasing the chances of a future southbound price movement. Additionally, the Money Flow Index (MFI) also declined. <\/span><\/p>\n Realistic or not, here\u2019s<\/span> OP\u2019s market cap in BTC\u2019s terms<\/span><\/a><\/p>\n Optimism\u2019s Chaikin Money Flow (CMF) was also resting near the neutral mark, which suggested that the possibility of a price downtrend was high at the time of writing.<\/span><\/p>\n But it was not all bad news, as OP<\/span><\/a>\u2019s Relative Strength Index (RSI) registered an uptick \u2013 bullish signal by all counts. However, it was not enough to turn the tides in OP\u2019s favor, at least at press time.<\/span><\/p>\n
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\nOptimism unlocked new tokens\u00a0<\/b><\/h4>\n
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Get all the details here \u26d3\ufe0f: https:\/\/t.co\/8XoTR8tBPT<\/a> pic.twitter.com\/60DEQhn8y4<\/a><\/p>\nWhat did OP\u2019s metrics indicate?<\/h4>\n
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