Market Downturn? Not For Optimism: A16zs Major OP Purchase Sends Price Skyrocketing By 9%

In a month marked by a challenging correction in the crypto market, Layer 2 (L2) blockchain protocol Optimism has emerged as a standout performer. Within the past 24 hours, Optimisms native OP token skyrocketed by 9%, positioning it as the best-performing token among the top 100 cryptocurrencies.  Behind this surge lies venture capital firm a16z, [...]

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Optimism Crashes 33% Following Token Unlocks, Why There Could Be More Pain To Come

Optimism (OP) has been one of the hardest-hit cryptocurrencies over the last week as bearish sentiment around the coin rose rapidly. The reason for this was a massive amount of OP tokens that were unlocked this week, leading to significant buy pressure on the digital asset. However, the bearish trend does not seem to have ended yet given that the altcoin could see more buying pressure. $600 Million Token Unlock Sends Optimism Spiralling On Tuesday, Optimism saw one of its largest token unlocks when over 300 million were released into circulation. These tokens accounted for around 9% of the total OP supply, which was a significant amount to move into the market, especially during a bear market. Related Reading: Bullish Case For Litecoin Grows Stronger As LTC Halving Draws Close The coins totaling 386 million OP at the time were worth approximately $600 million. This meant that there was now $600 million worth of new potential selling pressure for the token and the altcoin began to respond before the unlock was live. In the hours leading up to the massive unlock, OP’s price first dropped around 7%. But then the unlock triggered further sell pressure and by the time the sellers were done for the day, the digital asset had already lost more than 20% of the value it began the day with. OP falls to five-month low | Source: OPUSD on TradingView.com More Pain To Come For OP Holders? While it does seem that OP sellers are starting to tire out, the bearish case for the altcoin continues. This is because the $600 million unlock was only the first unlock for core contributors and investors, meaning VCs and others. Data from Token Unlocks shows that Optimism has another token unlock coming up at the end of June for a total of 24.15 million tokens. This means that a month from now, another $34.5 million worth of tokens will be unlocked. This 0.562% of supply may be smaller than the 9% unlock that took place in May but it will put selling pressure on the token nonetheless. $34.5 million in OP set to be unlocked on June 30 | Source: Token Unlocks At the time of writing, the coin is down 10% on the daily chart and 33% on the monthly chart. OP’s price has now fallen to $1.37, a price level that has not been seen since January. This is a 50% decline from its 2023 highs. Related Reading: Here Are The Top 3 Chinese Coins To Buy As China Leads The Bull Run If the bulls fail to recover OP’s price this week, then it could fall below the $1.3 support. A fall below this level would be detrimental to holders as the next likely support for the digital asset would sit at $1.2, prompting a further 10% drop. Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet… Featured image from Coin Culture, chart from TradingView.com

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Analyst: OP Is Undervalued But Will Skyrocket Because Of Coinbase And Base

Adam Cochran, a partner and professor, is bullish about OP, the native token of Optimism, the layer-2 scaling solution for Ethereum.  Taking to X, Cochran is convinced OP is undervalued, pointing to the significance of Coinbase and the brand it has created over the years as a crypto exchange and investor in multiple products. In 2023, Coinbase backed the development of Base, a layer-2 scaling solution for Ethereum that uses Optimism infrastructure for its optimistic roll-up.  OP Will Rocket Because Of CoinBase And Base In coming up with this assessment, the investor highlights Coinbase’s vast user base and ability to drive retail adoption towards Base potentially. And, as aforementioned, since Base uses Optimism, the expected adoption spike will significantly boost OP from current spot levels.  Related Reading: Bitcoin OTC Desks Dried Up To 40 BTC: What This Means Cochran argues that the “power of discoverability” associated with Coinbase, a brand that facilitates billions of dollars in daily trading, will be crucial to Optimism’s success. This is particularly relevant when looking at OP prices when writing. When writing, OP is stable but up 220% from October lows. The token has been trending higher, benefiting from the broader crypto rally. Even so, though in an uptrend, OP has not reclaimed 2023 highs of around $4.2. To drive the point home, Cochran compares how the BNB Chain blew up in the number of active users. In the last bull run, the chain had an active decentralized finance (DeFi) and non-fungible token (NFT) ecosystem. The BNB Chain’s popularity and soft landing is because the smart contracts platform is associated with Binance, the world’s largest cryptocurrency exchange.  Further to the point, the success of Solana, the partner argues, lends its success to the now-defunct FTX. At its peak, FTX injected billions to fund the development of Solana. It was also actively involved in financing some of Solana’s active protocols.  The Great Convergence Of Supportive Events Presently, Coinbase is streamlining its operations, recently stopping support for Bitcoin, Litecoin, and other UTXO tokens via Coinbase Commerce. Their focus is on Ethereum-compatible tokens, which could provide hints that Coinbase Commerce might soon be integrated into Base. Related Reading: Fetch.AI (FET) Surges 21%: Why This Rally Is Just Getting Started From the protocol level, Ethereum plans to implement upgrades to make transacting on layer-2 platforms even cheaper. The Dencun Upgrade is scheduled for March and will see Ethereum enhance as part of its long-term scaling roadmap. L2Beat data on March 1 shows that Optimism has a total value locked (TVL) of $7.8 billion, roughly half that of Arbitrum. Meanwhile, Base has been rising up the rankings, commanding a TVL of approximately $1 billion. Feature image from Shutterstock, chart from TradingView

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Optimism Price Blasts 24% To New All-Time Highs At $2.50 – How High Can OP Go?

Optimism price was largely unbothered by a widespread retracement in the crypto market mid-through the week’s trading. Bitcoin price retraced from highs around $23k, testing [...]

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Optimism (OP) Cracks Double-digit Gains, Can Bulls Breach $1 Mark?

OP’s price shows the first sign of bounce after seeing its price bottom at the $0.6 support zone.  OP bounced off its downtrend movement as price eyes a break from its downtrend to a region of $1.  The price of OP breaks out of its daily downtrend, acting as a resistance line as the price trades below the 50 Exponential Moving Average (EMA). Despite many traders and investors expecting the month of October to be fruitful for most crypto, including Optimism (OP), the price of Optimism (OP) has had a difficult start. In recent weeks, the price of OP has failed to replicate the rally from a low of $0.5 to a high of $2. The crypto market, including the big players like Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB), has had a quiet month as the prices of most altcoins have found themselves fighting for survival as they seek to defend their key support areas. (Data from Binance) Related Reading: $185 Million Worth Of AXS Tokens Set To Be Unlocked, Time To Get Out Of Axie Infinity? Optimism (OP) Price Analysis On The Weekly Chart Optimism has struggled to regain its bullish momentum in recent times; despite the uncertainty that has befallen the crypto space, the price of OP hasn’t enjoyed a measure of relief after showing so much strength on the weekly chart rallying from a low of $0.5 to a high of $2.4 with many becoming interested as to what OP will accomplish.  After the price of OP rallied to a high of $2.4 with what is its all-time high, the price has faced so much downtrend as the price dropped to a weekly low of $0.6; the price rallied from this low to a high of $0.7, where the price faced resistance to breaking above this region. The price of OP bounced from its low after facing several rejections to trend; with the week looking more interesting for most crypto projects like OP, we could see a rally to a high of $0.9-$1.  OP’s price needs to maintain this structure as the price heads into the monthly close; if OP continues, we could see a price trend toward $1. Weekly resistance for the price of OP – $1. Weekly Support for the price of OP – $0.6. Price Analysis Of OP On The Daily (1D) Chart In the daily timeframe, the price of OP continues to trade below the key resistance formed at 50 EMA after breaking out of its descending triangle. The price of $0.9 acts as the resistance holding the price of OP from trending higher, which corresponds to the value of the 50 EMA. The price of OP needs to break and hold above $0.9 for the price to trend higher to a region of $1, which is a key supply zone for most traders. If the OP price fails to break above this region, we could see the price retest its Support at $0.65. Daily resistance for the OP price – $0.9-$1. Daily Support for the OP price – $0.65. Related Reading: Dogechain (DC) Notches 200% Hike In Trading Value In The Past Week Featured Image From zipmex, Charts From Tradingview

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3 cryptocurrencies that stand to outperform ETH price thanks to Ethereum's Merge

It's not just ETH price that stands to benefit from Ethereum's move to proof-of-stake in September.

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Optimism Price Bloats 25% – OP Seen Ballooning In Coming Days

Optimism price registered a spike of 25% after its opening at $1.9890. The OP/USD pair currently trades at $1.9510, with a high of $2.2150 and a low of $1.9390.  The current price movement of Optimism is going with the flow as far as the Ethereum layer-2 protocol is concerned. It makes use of rollups that enable quicker and low-cost Ethereum transactions. OP Labs of Optimism protocol has announced this week that the planned update will happen this quarter 4 of 2022. And when that happens, this will be a game-changer. Early Friday, OP has spiked by 11.43% and the sentiments show that it will escalate further. But, the coin was not able to keep up and dropped by 1.59% overnight. As the demand for Optimism increases, the coin’s bullish recovery also continues. The value of OP has risen to $2.2 which is the highest it has been since June 1, 2022. At present, the coin is now valued at $500 million as it increased by more than 421% from its all-time low. Related Reading: Shiba Inu Displays Surprising Price Movement – Can SHIB Ditch The Flatline? What Is Optimism? Optimism has a very ambitious goal as it seeks to solve a lot of Ethereum’s issues. It aims to speed up and also lower the costs of Ethereum transactions by enabling optimistic rollup. In the development of layer-two solutions geared for Ethereum, the network is looking to keep it minimal. Optimism wants to dispel the complexity and speed up Ethereum transactions. The Optimism Foundation is on top of the project and governs the OP token that is used for voting on governance proposals. On July 25, OP Labs launched Drippie that is native to Ethereum that aims to solve many pain points when it comes to blockchain automations. Chart: TradingView.com Optimism Sees Spike In Investor Interest Optimism price is on a surge due to the increase in investor interest and positive sentiment around the network’s recovery. More so, its TVL has also targeted a new high and there is also that increased fear of missing out (FOMO). Many people are optimistic that the bull run will continue especially after it has spiked by more than 400%. Investors are looking for another ATH or a price increase. More so, buyers are also excited with Optimism outpacing Polygon which currently has a TVL of more than $1 billion. The OP/USDT pair is beginning to recover as it skyrocketed above 38.2% following the Fibonacci retracement level that stretches at $1.389. Currently, the pair is trading at $1.891 and resistance at $1.700. A dip below this figure will pump up the selling trend until it reaches $1.389. Related Reading: SOL Loses $40 After The Exploit – What’s The Next Support? Crypto total market cap at $1.07 trillion on the daily chart | Source: TradingView.com Featured image from Crypto News, chart from TradingView.com

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Ethereum's L2 solution 'Optimism' rallies 300% in a month — Will OP price gains sustain?

Optimism eyes an increase in adoption after the Merge upgrade triggers Ethereum's "Rollup-Centric Roadmap."

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Optimism Price Analysis: OPUSDT Ascending Scallop Pattern Signals Bullish Breakout

In the exciting world of cryptocurrency trading, market participants are constantly on the lookout for potential breakout opportunities that can

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Optimism (OP) Soars Over 6% Following Launch On BNB Chain

Optimism price is basking in the news of BNB Chain’s newly introduced Optimism-powered layer-2 testnet opBNB. On June 19, BNB Chain announced the launch of its opBNB testnet. The newly launched layer-2 scaling solution based on Optimism Stack will boost the Binance Chain network’s security and scalability.  Following the launch, the Optimism token has scored an over 6% price increase today, June 20, after an over 3% decline on June 19. Binance-owned Blockchain Newly Introduced Optimism-powered Layer-2 Scaling Solution The scaling solution, opBNB, will increase transaction throughput, reducing network fees. BNB Chain currently processes about 2,000 transactions per second at $0.10 per transaction. However, according to the latest announcement, opBNB would support over 4,000 transactions per second at a cost below $0.005.  Related Reading: Bullish Signal: Bitcoin Realized Profit And Loss Fall To October 2020 Levels BNB Chain noted that opBNB optimizes data accessibility, and catching layer, and adjusts the submission process algorithm to enable simultaneous operations. That would allow the network to increase the gas limit to 100 million per block from the 30 million currently allowed on Optimism. Binance described opBNB as the solution to the scalability challenge limiting the mass adoption of blockchain technology. Optimism scales transactions using Optimistic Rollups, which process data off-chain to fasten things on the Ethereum mainnet. The newly launched scaling solution is Ethereum Virtual Machine (EVM)-compatible. That means it is interoperable with Ethereum-based smart contracts, networks, and ERC-20 token standards. Furthermore, the announcement noted that the remote procedure call service layer simplifies the integration process through a user-friendly interface.  With that, developers can focus on building applications without worrying about complexities associated with layer-2 scaling. News of this development has increased Optimism (OP) sentiment, evident in the increased trading volume.  At the time of writing, the Optimism token has recorded a 24-hour increase in trading volume of over 140%. BNB Chain isn’t the only network to leverage Optimism’s scalability. Optimism is known for its excellent scaling capability.  In a previous development, World ID and World App, a grass-free crypto wallet founded by OpenAI CEO, Sam Altman, migrated to Optimism to leverage its layer-2 scaling solution. OP Coin Price Outlook Optimism’s bullish price momentum has propelled it to second place among top-gaining coins today. Optimism (OP) price has increased by 6.61% over the past 24 hours, with a seven-day price rally of 1.15%. Despite the current price pump, real-time technical analysis suggests a sell option for Optimism (OP).  The moving averages suggest a strong sell signal, while the oscillators indicate a buy signal. But BNB Chain is the third-largest blockchain in DeFi total volume locked (TVL) after Ethereum and Tron.  DefiLlama data shows a TVL of $3.35 billion and a 24-hour volume of $264 million.  Related Reading: Why Is The Bitcoin Price Up Today? The latest integration suggests more network activity and utility for Optimism, which could boost trading volume and propel the token’s price upward. Featured image from Pixabay and chart from TradingView.com

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Optimism (OP) Rides The Wave Of Today’s Crypto Surge With 15% Rally

Optimism (OP), alongside major cryptocurrencies, has witnessed a remarkable surge in value amidst a wave of positive momentum sweeping through the broader crypto market.  The recent victory of Ripple against the US Securities and Exchange Commission has sparked a sea of green, with investors expressing renewed confidence in the industry. In this flourishing environment, Optimism [...]

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