Optimism has witnessed a significant increase in the number of large transactions, spiking by 58% to reach a total value of $766 million, as reported by data from IntoTheBlock. At the same time, the number of active addresses on the Bitcoin network has surged by 48%, reflecting notable activity across major networks.
Moreover, the consolidation of the OPT bull flag suggests the possibility of a continuation of the upward trend. This raises the question – Can this consolidation, combined with the growing participation of active whales, propel OP’s price past the critical resistance level of $1.96?
Whale Activity Fueling Optimism’s Momentum
Optimism has become a prominent subject of discussion, with whale investors significantly ramping up their engagement. Data from IntoTheBlock indicates a 58% increase in the number of large transactions on the network, amounting to $766 million.
This surge in whale activity signifies high confidence among major players, often indicating bullish sentiment in the crypto market.
Meanwhile, the surge of 48% in active addresses for BTC suggests heightened movement and activity overall. Source: IntoTheBlock
An Increase in Social Mention Volume
Alongside the uptick in large transactions, there has been a noticeable increase in Optimism’s social volume. A rise in mentions across social media platforms typically signals broader interest and community involvement, a trend that Optimism is not immune to.
The recent surge in social volume could further reinforce the prevailing bullish sentiment surrounding Optimism, potentially attracting new participants to the market.
Bullish Flag Pattern Indicates a Potential Breakout
The uptrend in large transactions, coupled with the bullish consolidation, hints that whale activity might drive OP’s price above the $1.96 resistance level.
A successful breach of this threshold by Optimism could pave the way for a more substantial uptrend, drawing in a larger pool of investors to the platform.
The uptick in large transactions and the bullish consolidation together suggest that whale activity could prop up a breakthrough beyond the $1.96 resistance level. If Optimism manages to surpass and sustain above this mark, it could trigger a significant uptrend, fueling a bullish rally in the process.