Major Token Unlocks: PYTH and Optimism Technical Analysis for Traders

This article examines the technical outlook for PYTH and OP ahead of their upcoming token unlocks, offering valuable insights for traders navigating volatile markets. PYTH is poised for a price surge after its unlock on May 20th, potentially exceeding $1 billion in circulating supply. However, its short-term momentum remains muted, with OBV indicating soft buying pressure, and the RSI hovering near neutral territory. Key resistance levels at $0.215 (23.6% Fibonacci) and $0.275 (38.2% Fibonacci) require attention to determine if a breakout can occur. 1 0.12 level remains critical support for PYTH, while OP faces a challenging situation with bearish momentum and significant sell pressure. The RSI indicator points to oversold conditions, but a rebound is possible if the market absorbs the unlock effectively. OP’s price needs a major shift in sentiment by reclaiming key resistance levels at $1.071 and $1.4. The upcoming token unlocks raise concerns about potential volatility spikes and short-term trading opportunities for these tokens.