Optimism (OP), the native token of the Optimism network, Ethereum’s favorite Layer-2 scaling solution, just shot up to a two-month high during the Asian trading hours today. And what sparked this lovely uptick? Upbit, South Korea’s biggest cryptocurrency exchange, decided to list OP on its spot trading platform. Cue the confetti!

Upbit’s announcement revealed that OP will be traded in three pairs: Korean Won (KRW), Bitcoin (BTC), and Tether (USDT). The trading starts at 16:30 KST on July 28, with deposits and withdrawals opening just two hours later. Oh, and a little reminder from Upbit: only deposits through the correct OP-Optimism network will be supported. No funny business here, folks.

As expected, the market loved this news. OP's price surged a solid 15%, jumping from $0.740 to $0.858. That’s the highest it’s been since mid-May, so yeah, it’s been a while! However, as the dust settled, OP cooled off a bit, currently trading at $0.82.

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Optimism Price. Source: Hodlfm price page

Upbit Listing Powers OP’s Surge

The trading volume also went through the roof, skyrocketing 309.90% to hit $520.8 million. That’s a pretty clear sign that investors are paying close attention to this altcoin.

Upbit’s history of listing coins has shown a trend of massive price jumps; just look at Maple Finance (SYRUP), Caldera (ERA), and Ethena (ENA). So, this isn’t exactly a huge surprise. When Upbit speaks, the market listens.

Market watchers are now buzzing with excitement about OP’s future. Analyst Daniel Ramsey posted on X, saying that OP has broken out of a falling wedge pattern on the weekly chart. Translation? That’s a bullish sign for price gains. Ramsey’s got his eye on the prize: "Full Send. 1TP – $1.490. 2TP – $1.970. 3TP – $2.940." I mean, who doesn’t love some optimistic targets?

Other analysts are going even further, predicting OP could hit $5 in the long run. If that happens, let’s just say some folks will be doing a happy dance.

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When optimism OP skyrockets, Hodlers. Source: Giphy

The Token Unlock That Could Cause a Bump in the Road

Of course, it’s not all sunshine and rainbows. There’s a potential storm brewing, an upcoming token unlock. On July 31, the network will release 31.34 million OP tokens, which represents 1.79% of the current circulating supply. This could put some short-term downward pressure on the price, as those newly unlocked tokens hit the market and trigger a bit of selling.

But hey, token unlocks happen all the time, and depending on the demand for OP, it could be just a temporary blip. Still, something to keep an eye on as we head into the weekend.

So, is Optimism poised for even bigger gains? With Upbit’s listing, a breakout chart pattern, and a bullish forecast, things are looking bright; just watch out for that token unlock.

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