Optimism (OP) slips toward $0.25 ahead of Jan. 22 buyback vote

• The Optimism Foundation’s proposal for a token buyback goes to a vote on January 22, 2026.
• OP price has fallen sharply over the past year, and sentiment is largely bearish.
• The buyback could catalyze gains, with OP eyeing $0.52-$0.75.

Optimism’s OP token changed hands around $0.30 on Tuesday, January 20, 2026, slightly up in the past 24 hours as the community edges towards a key governance vote.

But having traded to intraday highs of $0.37 last week, the token’s dip to current levels risks allowing for a pullback to all-time lows of $0.25 reached in December.

Can Optimism Foundation’s plans for a buyback program that commits Superchain revenue to monthly OP purchases bolster bulls?

​Optimism buyback details and implications

Optimism is set for a governance vote on January 22, 2026, following a proposal floated earlier this month.

The Optimism Foundation wants community approval to allocate half of the sequencer fees for open-market buybacks of OP.

If the vote passes, the program will start in February, with 50% of Superchain revenue flowing to Optimism. Repurchases are set to occur over the next year.

As with other  models, such as dYdX’s 75% fee buybacks, Optimism aims to buy from the market. However, the tokens go back to the OP treasury rather than direct burns.

If the latter happens, supply reduction will signal confidence in OP and Superchain’s dominance.

“With this buyback mechanism, OP transitions from a pure governance token to a token that is tightly aligned with the growth of the Superchain,” Optimism wrote at the time.

The mechanism targets every enterprise that creates a new chain on the Superchain, with these expected to add to the underlying demand for OP.

​OP token price forecast

The Optimism (OP) price is down nearly 94% from its peak of $4.85 reached in March 2024. The downtrend has crushed holder sentiment, and despite the buyback proposal, the outlook is largely bearish.

Bears may hold this advantage unless Optimism for instance, burns the repurchased tokens. BNB’s quarterly burns have helped the token’s price storm to new highs.

In the short term, a post-vote rally could push prices to $0.52.

As the daily chart above indicates, the 50-day and 200-day exponential moving averages act as supply zones at $0.32 and $0.51 (currently).

Targets in the $0.60-$0.75 range are a possibility should the crypto market experience a rebound from current downward pressure.

Gains for Ethereum and top ecosystem tokens will catalyse this likely OP bounce.

However, bearish pressure means the psychological $1 mark remains well off the threshold for now.

Major token unlocks will continue to cap gains, too, and a dip to $0.25 on fresh downward catalysts will encourage sellers.

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