Etymology of the olempikos

Olempikos can be derived from oleum-pikos (The top of the olive mountain):

The olive tree in Greece was dedicated to Zeus and Hera.

The name Olempikos mountain could be derived from its area name "Elis":

ελιά: olive

Etymology of olive:

From Middle English olyve, from Old French olive (“olive, olive tree”), from Latin olīva (“olive”), from Etruscan 𐌄𐌋𐌄𐌉𐌅𐌀 (eleiva) or Proto-Greek *ἐλαίϝα (*elaíwa), ultimately from Proto-Indo-European *loiwom (compare Old Church Slavonic лои (loi, “tallow”), Old Armenian եւղ (ewł, “oil”)).[1] Displaced native Old English eleberġe, literally "oil berry."

Etymology of oil:

From Middle English oyle, oile (“olive oil”), borrowed from Anglo-Norman olie, from Latin oleum (“oil, olive oil”), from Ancient Greek ἔλαιον (élaion, “olive oil”), from ἐλαία (elaía, “olive”). More at olive. Supplanted Middle English ele (“oil”), from Old English ele (“oil”), also from Latin.

It sounds that the Nordic mythological tree yggdra-sil (the colossal pillar) has been a counterpart to Olempikos.

Etymology of peak (pike):

828 peuk̑-, and peug̑- IE to pink, stab, stick

(Pokorny)