OP Price Plummets to $0.12 Support Level Amid Broader Market Selloff

Optimism's OP token took a nearly 9% hit in a single session, plummeting from $0.14 to its immediate support level at $0.12.

This pullback was not due to protocol-specific issues but rather the broader market's 'chronic indifference' to Layer-2 projects like Optimism.

Despite the bearish 24-hour candle, technical analysis suggests that momentum has neutralized and trend has stalled, with key indicators such as MACD and RSI showing no decisive flips.

Interestingly, derivatives show new money entering the market, with open interest surging 6.57%, indicating 'smart money' is quietly building long exposure in futures while retail panics.