Cryptocurrencies to Monitor This Week: Optimism, Bitcoin, Sui
Cryptocurrency prices were mixed last week as concerns about tariffs, interest rates, and the $1.4 billion Lazarus Group hack on Bybit emerged. Bitcoin (BTC) price remained below $100,000, while Ethereum (ETH) crashed below the $3,000 mark. The crypto fear and greed index moved to the neutral point, while Bitcoin’s dominance was at 60%. This article explores why Bitcoin, Optimism (OP), and Sui (SUI) will be in the spotlight this week.
**Bitcoin**
Bitcoin, the largest cryptocurrency, will be in the spotlight this week as technical indicators suggest an impending breakout or breakdown soon. The daily chart above shows that it has continued to form a symmetrical triangle pattern over the past few weeks. The two lines of this triangle pattern are now nearing their confluence level, indicating that significant movements are likely to occur soon, potentially this week as it is the last one of the month. The key support and resistance levels to watch are $88,960 and $109,100. A break below the support level at $88,960, its lowest level in January, will indicate further downside, potentially down to $73,350, the highest point in March last year. Conversely, a strong move above $109,080 will signal further gains to $110,000, followed by $122,000.
**Optimism**
Optimism, one of the largest layer-2 projects in the crypto industry, will be in focus this week as it conducts a significant token unlock. It will release tokens worth over $38 million on Wednesday. These tokens will account for 2% of the float, or the number of tokens actively traded in the market. This represents a notable but not overwhelming increase in circulation. In addition, there will be daily token unlocks of 257,000 OP tokens valued at over $303,000. These token unlocks occur at a time when the OP price is at a critical level, trading at $1.077 on Sunday, the lowest swing in August last year. Optimism has also formed a bearish flag pattern, indicating potential further downside in the coming weeks. This decline could push it to the next key level at $0.791, its lowest level on February 3. The Optimism token was created by the Optimism Foundation, a non-profit established by Jinglan Wang, Karl Floersch, and Ben Jones. Launched in May 2022, the OP coin powers governance and incentives within the Optimism Collective, a system designed to fund public goods and decentralization initiatives.
**Sui**
Sui, one of the top layer-1 networks, will also be in the spotlight as it unlocks tokens worth $111 million, equivalent to 1.07% of the total float. It has now unlocked 39% of all its tokens, with the final unlock expected to occur in 2069. The SUI token has dropped by 38% from its highest level in January and has moved below the 50-day moving average, indicating that bears are currently in control. However, it has also formed a falling wedge pattern, a widely recognized reversal sign. Additionally, it has formed a small double-bottom pattern, suggesting a potential strong rebound in the coming weeks. A drop below the support at $2.91 will invalidate the bullish outlook. The Sui Layer-1 network was created by Mysten Labs, a blockchain infrastructure company founded in 2021 by former Meta engineers who worked on the Diem blockchain and the Move programming language. Mysten Labs is led by CEO Evan Cheng, CTO Sam Blackshear, and co-founders George Danezis, Avery Ching, and Kostas Chalkias. Sui’s native cryptocurrency facilitates gas fees, staking for security, governance participation, and DeFi applications, powering the network.
