Optimism price has extended its multi-day rally, climbing 14.88% over the last 24 hours to reach $0.3608. This price action developed alongside a broader market recovery, with Bitcoin gaining 4.34% to a 2-month high of over $96,000 and Ethereum rising 7.40%.
A notable 143.59% spike in 24h trading volume, which now totals $202 million, further supports OP’s outperformance. Buyers stepped in aggressively as the Altcoin Season Index rose about 47% over the last 30 days, creating a high-beta environment that favored the Layer 2 token.
Foundation Buyback Proposal Aligns Token with Superchain Growth
The primary catalyst for the current Optimism price surge is a new governance proposal from the Optimism Foundation to initiate monthly token buybacks.
Under the plan, 50% of sequencer revenue, which totaled 5,868 ETH over the past 12 months, will be used to purchase OP tokens on the open market starting in February 2026. The move marks a fundamental shift for the OP token, transitioning it from a pure governance asset to one tied directly to the Superchain’s performance.
Market activity on the network has provided a strong fundamental backdrop for this proposal. Daily transactions on Optimism are trending toward 1 billion, with 921.9 million transactions recorded to date, according to TokenTerminal.
The Superchain ecosystem currently commands a 58.6% share of the Layer 2 fee market and processes 13% of all blockchain transactions. Success from partners like Base, Worldcoin, and Sony’s Soneium has increased the base from which these buybacks operate, effectively turning the Optimism coin into an incentive-alignment mechanism for the broader stack.
Optimism Price Outlook: Analysts Eye Expansion Targets
The technical structure is shifting as the Optimism price breaks through the 21-day Moving Average for the first time in six months. Analyst Michaël van de Poppe notes that the market ideally needs to see a strong retest of this 21-day MA area to hold, which would confirm the start of a new uptrend.
On the weekly timeframe, analyst Chetan identifies a “Power of 3” setup consisting of vertical accumulation and a subsequent manipulation phase. While the OP token price has yet to reach his preferred entry point, Chetan indicates he would buy if the market tests the lower 1.618 Fibonacci level at around $0.08426. This specific level is cited as the critical invalidation point for the bullish thesis on a monthly closing basis.
Traders are currently monitoring the January 22 governance vote, as approval would formalize the monthly buyback pressure. For the rally to sustain, however, market participants are watching whether Bitcoin price can hold the $95,000 level.
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