PYTH and Optimism (OP) are about to experience major token unlocks that will double their circulating supply. PYTH will unlock 2.13 billion tokens (~$1.24B) on May 20, while Optimism (OP) will unlock 386 million tokens (~$587M) on May 31.
PYTH is currently trading at around $0.139, showing a slight increase from the previous day. Despite a minor price recovery, PYTH exhibits weak On-Balance Volume (OBV). Key support is at $0.12, with resistance at $0.215. The token faces sell pressure, with the next critical level at $0.10 if $0.12 breaks.
Optimism (OP) is trading near $0.632, down from its peak of $2.773. The token remains under major EMAs with a bearish trend. The RSI is close to oversold levels, indicating potential for a short-term bounce. The critical support zone for OP is $0.545–$0.600.
Derivatives data for PYTH and OP show diverging risks ahead of the token unlocks. Traders are de-risking ahead of the unlock, with caution in the derivatives market. OP has seen an increase in short positions, raising the risk of a short squeeze.
As the token unlocks approach, both PYTH and OP face critical weeks. The tokens remain in bearish setups with weak momentum and volume signals. Traders should watch key resistance levels at $0.215 for PYTH and $1.071 for OP. Support levels are crucial at $0.12 for PYTH and $0.545–$0.600 for OP during the unlock events.
Note: Investments carry market risks. Please invest carefully. We do not accept responsibility for any financial losses.
