The optimism surrounding Optimism [OP] has reached new heights, surpassing the well-established resistance range of $1.80–$1.90 that remained intact for more than 150 days. This breakthrough, accompanied by robust trading volume and a bullish momentum, indicates a growing interest in the asset.
At the current moment, OP has reached $2.28, with a minor correction in the market anticipated. Any potential retracements could present opportunities for accumulation.
Surpassing Resistance Levels of $1.80–$1.90
The $1.80–$1.90 range proved to be a significant resistance hurdle for Optimism during its consolidation phase. Breaking through this range signifies a shift in market sentiment and denotes the start of a probable upward trend.
This particular level had previously served as a strong barrier, but now there is a renewed interest from buyers in the market.
Cryptocurrency analyst Michaël van de Poppe remarked on this breakout, stating,
“The corrections down to $1.80–$1.90 provide a second opportunity before reaching $3.”
Source: X
Looking at historical patterns, these pullbacks often act as retests, where prices revisit former resistance levels to confirm them as supportive before continuing their upward trajectory.
Progress towards $3.00 and Beyond
The next significant resistance level for OP lies at $3.00, a crucial target for traders. If the $1.80–$1.90 zone holds in case of any correction, the expectation is for OP to consolidate and gather momentum for a further upward push.
A breakthrough above $3.00 could potentially pave the way for sustained price growth in the foreseeable future.
Current data indicates that Optimism has a circulating supply of 1.3 billion tokens and a market capitalization of $2.87 billion. With a 24-hour trading volume of $796 million, OP has experienced a 2.39% decrease in the past 24 hours, yet remains up by 32.55% over the last seven days.
This recent surge underscores the increasing market activity surrounding the token.
Increase in On-chain Adoption Data
On-chain metrics from IntoTheBlock depict steady growth in network activity. In the previous seven days, there have been the creation of 2.84k new addresses, contributing to the current total of 16.37k active addresses.
The decrease by 11.72% in zero-balance addresses suggests that previously dormant wallets are now actively participating in the network.
Source: IntoTheBlock
These statistics indicate a rising user adoption rate and an elevated level of involvement on Optimism’s Layer-2 blockchain.
The surge in active addresses, which increased by 16.7% in the past week, signifies a substantial interest in the network’s potential.
Healthy Network Activity Reflected in Transaction Volume
Transaction volume on Optimism has shown fluctuations, but remains robust overall. The 7-day average transaction volume stands at 212.62 million OP, with a peak of 271.01 million OP noted on November 22nd.
The lowest volume during this period was 148.75 million OP, recorded on November 25th.
Source: IntoTheBlock
These fluctuations indicate active trading and utility within the network, signifying that traders and users are actively engaging with the platform amidst ongoing market movements.