Optimism (OP) is showing signs of a potential bullish reversal as buyers defend key support levels and momentum improves. Rising trader positioning adds strength to the recovery, while growing adoption of Ether.fi Cash highlights increasing real-world utility and activity across the Optimism ecosystem.

At the time of writing, OP is trading at $0.1090, up 1.26% over the last 24 hours. CoinMarketCap data lists a 24-hour trading volume of $88.97 billion and a market capitalization of $249.43 billion.

Double-Bottom Formation Signals Reversal Toward $0.18

Crypto analyst Crypto With Gopal noted on X that OP is displaying a potential bullish reversal as a double-bottom formation develops on the chart. Buyers are aggressively defending the $0.08–$0.09 support zone, indicating stronger demand at lower levels.

Meanwhile, OP is recovering toward the $0.12 neckline, a crucial resistance area that could determine whether the developing reversal gains further strength.

A decisive breakout above $0.12 could validate the double-bottom structure and signal a broader shift in market momentum. If buyers maintain control after the breakout, OP could potentially advance toward the $0.17–$0.18 target zone. Traders may watch for sustained price acceptance above the neckline, as rejection could weaken the setup and trigger another retest of support.

Technical Indicators Back Continued Upside

TradingView chart analysis shows OP staging a strong rally that peaked above $0.120 around August 22, followed by a decline to support near $0.085 on August 29. Price action has since recovered toward $0.1095, where it is consolidating just below the $0.115 resistance level as buyers attempt to maintain control of the recent upward trend.

The technical indicators are consistent with the current bullish phase. The RSI stands at 64.60, elevated but short of overbought territory. The MACD line is above the signal line by 0.00310, and the histogram is printing positive bars, indicating momentum currently favors the bulls.

Open Interest Climbs Despite Volume Drop

Coinglass data points to mixed performance in OP's derivatives market, with trading volume declining 32.02% to $140.86 million while open interest increased 4.73% to $72.75 million. The divergence suggests there are fewer traders in the market and that participants have not yet fully committed to their positions.

Following the bullish price projections alongside improving technical and derivatives readings, the OP price is moving upward. The move is also supported by the broader crypto market trend, as the BTC price has started to climb.

Ether.fi Cash Tops 100,000 Active Cards on OP Mainnet

Data from Optimism also highlighted that Ether.fi Cash is gaining traction on OP Mainnet, with more than 100,000 active Cash cards now operating across the network. The milestone reflects rising interest in crypto-enabled payment products that connect digital assets with everyday spending, and it underscores growing demand for practical blockchain-based financial services among mainstream users globally.

Over 100,000 active @ether_fi Cash cards run on OP Mainnet. pic.twitter.com/sEmNtgd2eo

— Optimism (@Optimism) September 2, 2026

The development bolsters OP Mainnet's status as a network hosting consumer-facing crypto applications. With Ether.fi Cash, customers can access payment and financial services built on crypto infrastructure, making digital assets more practical in everyday transactions. Continued adoption of the service is expected to bring increased activity to the Optimism network.

What Comes Next

Attention will remain on whether buyers can extend the rally and break through resistance. A successful breakout would help validate the bullish reversal pattern, while failure could set up another period of consolidation. Traders are watching momentum, open interest, and network adoption for cues on the OP price trend ahead.

This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. This is not financial advice.