Optimism's OP hits record low as shorts build, with focus on a possible rebound toward $0.16

Optimism's OP token has suffered steep losses after Base decided to move away from the OP Stack toward its own unified stack, cutting into Optimism's activity and revenue. As OP trades at all-time lows, open interest has jumped by nearly 60% since 18 February while price dropped 29.3%, signaling heavy short positioning and intense selling. Technicals such as deeply oversold RSI and fresh lows on the A/D indicator leave room for a short-covering bounce toward the $0.14–$0.16 area, even as the broader trend remains bearish.