- Optimism does higher than different layer 2 chains when it comes to internet movement. Protocol manages to retain the next variety of customers.
- OP’s value continues to say no, nonetheless, whales present sudden curiosity.
Optimism has been having a tricky time competing within the L2 house as rivals reminiscent of Arbitrum and Polygon have been dominating the market over the previous couple of months. Nevertheless, it seems that Optimism began to realize its footing within the L2 house but once more and has been outperforming different L2 options in some areas.
Reasonable or not, right here’s OP’s market cap in BTC’s terms
On the brighter aspect
In accordance with information offered by analyst Dynamo Patrick, Optimism ranked #1 when it comes to internet bridge movement. For context, internet bridge movement in crypto refers back to the motion of digital property between completely different blockchain networks or bridges.
Within the final week, Optimism’s internet movement reached a complete of $57.1 million.
High 5 chains by 7 day internet bridge movement 👀 pic.twitter.com/JJnVeTLkY9
— Patrick | Dynamo DeFi (@Dynamo_Patrick) May 24, 2023
The spike in internet movement on the Optimism protocol may very well be attributed to the rising variety of customers on the community. Not solely have been new customers being onboarded to Optimism, however they have been selecting to remain as effectively.
This was showcased by Dune Analytics’ information which indicated that Optimism’s person retention started to surge over the previous couple of days. At press time, the weekly retention for brand spanking new customers on Optimism was round 17.3%.
Supply: Dune Analytics
Nevertheless, the OP token didn’t see the identical progress as its protocol. Since 15 April, the worth of OP declined by 43.64%. At press time, OP was buying and selling at $1.596 after fluctuating between the $1.867 and $.494 resistance and help.
The Relative Energy Index (RSI) of OP skilled a major and constant decline over the previous few days. It reached a price of 40.72 on the time of writing. Conversely, the Chaikin Cash Stream (CMF) displayed a contrasting sample by repeatedly growing, with a recorded worth of 0.13.
This recommended that regardless of the weakening momentum indicated by the RSI, there was nonetheless a requirement for OP, probably from new consumers or institutional traders.
Supply: Buying and selling View
The quantity with which OP was being traded, additionally declined throughout this month. Nevertheless, there was a spike within the variety of whale transactions for the OP token. If whales proceed to indicate curiosity and accumulate extra OP, it might have a optimistic affect on the OP token going ahead.
Learn Optimism’s Worth Prediction 2023-2024
Supply: Santiment
