OP Lao Dốc Bull House After Base Abandons OP Stack - Is the Bottom Still Ahead?

The market is witnessing one of the heaviest crashes of the year as Optimism ($OP) loses nearly 22% of its value in just 24 hours. Meanwhile, the overall market only declines slightly by 2%, highlighting the shock this token is experiencing. Since its all-time high of $4.84, OP has erased 97% of its value, and now continues to plummet with current prices around $0.12. What is the main cause of this storm? Base – Optimism’s biggest ally and largest money printer – just announced it is officially leaving OP Stack.

Base Leaves OP Stack – A Platform Shock That Changes Everything

Coinbase recently announced a strategic decision to separate Base from OP Stack to operate its own fully independent Layer 2 chain. This is not an ordinary turning point – it’s a critical blow to the entire Optimism ecosystem.

Base was once the main revenue and transaction volume pillar for OP Stack. Losing this massive revenue source, the OP market immediately plunged into panic. Trading volume surged 157% to $187 million – the highest figure recorded in February. These numbers tell the true story of market sentiment: people are panic-selling en masse.

Massive Net Inflows and Liquidation Confirm Crisis

On-chain data paints a clearer picture of the ongoing panic. Spot traders deposited $14.73 million worth of OP tokens onto exchanges, but only withdrew $13.29 million, creating a net inflow of $1.45 million clearly aimed at dumping.

In the futures market, the situation is even more dire. Over $7.5 million has exited the futures market (a 19% drop in just 12 hours). Notably, $1.28 million in long positions were brutally liquidated, compared to only $80,000 in shorts. This clearly confirms that bears are in full control of the market. Long traders were caught off guard and forced to close losing positions.

Technical Breakdown – Just a Matter of Time

When a platform shock hits technical negative signals, disaster ensues. OP not only broke bearish patterns like the inverse head and shoulders but also continuously formed new lows without ever retesting previous support levels.

The Bull Bear Power (BBP) indicator clearly shows: selling momentum is exploding. The chart is deep in red, and trading volume spikes indicate this is not a gentle sell-off but a fundamental panic wave.

If bulls cannot miraculously reclaim the $0.20 resistance zone, technical data suggests a continued downtrend. OP is likely to break the psychological $0.10 support, where weak-handed investors will continue to panic-sell.

Looking Ahead: Warning Signs

Base’s departure is not just a strategic decision – it’s a message. When the biggest Layer 2 chooses independence, it indicates that the OP Stack ecosystem may no longer be as attractive as before. Other Layer 2s might reconsider their commitments, triggering a domino effect.

With the current price at $0.12 and the bear market still ongoing, the question is not whether OP will rebound but how low it will go. Massive long liquidations, 157% surge in sell volume, technical breakdown – all point in one direction.

Market analysis sources are for reference only, not investment advice. Please conduct thorough research before making any decisions.