Optimism (OP) is currently trading near the key support level of $0.751, with Elliott Wave analysis predicting a potential rally towards $8.50 if this support holds. Key indicators suggest that the token may be completing a corrective phase within a larger Elliott Wave sequence before potentially breaking out to new highs. Technical analysis points to a five-wave pattern on the chart which could drive the OP price toward $8.50 in future cycles. The chart shows a recent retest of the crucial $0.751 support level, aligning with the 0.618 Fibonacci retracement from earlier swings, suggesting a potential foundation for a new bullish phase. The stochastic RSI reading is near oversold territory, often preceding short-term reversals. Historical patterns suggest that breaks from similar zones lead to strong impulsive moves.