Ethereum

Long

World

Optimism

<ul class="list-ic vertical">
 <li><span>1</span> <a>The Optimism token (OP) picked strength and soared by over 15% this week.</a></li>
 <li><span>2</span> <a>A bullish, engulfing candlestick was formed in the intraday session.</a></li>
</ul>
<p><strong>Optimism (OP) </strong>is a Layer-2 Ethereum scaling protocol. It aims to increase Ethereum’s transaction throughput while decreasing costs via Optimistic Rollups.</p>
<p>Its native token (OP) witnessed an intense rise of over 5.29% intraday and is highlighting the bull accumulation. The <strong>OP token</strong> has retested the 20-day EMA mark and is looking for a rally ahead.</p>
<p>Followed by the strong <strong>first quarter Q1 (2024)</strong> numbers, the Optimism Network (OP) token has set its path to skyrocket the gains in the next sessions.</p>
<p>Likewise, the majority of key metrics reflected the Quarter-on-Quarter (QoQ) growth, which might lead the OP token toward a higher trajectory soon.</p>
<p>At press time, the <strong><a href="https://www.thecoinrepublic.com/2023/05/31/optimism-price-prediction-decline-of-op-price-due-token-unlock/" target="_blank" rel="noopener noreferrer nofollow">Optimism token </a>(OP) price </strong>traded at $2.583 with an intraday spike of 5.10%, reflecting fresh buying momentum on the charts. It has a monthly return ratio of 19.20% and 48.38% yearly, revealing the <strong>short-term bullish trend.</strong></p>
<p>The pair of OP/BTC is at 0.0000385 BTC, and the market cap is $554.51 Million. Analysts are neutral and suggest that the Optimism price may spread the up move and will skyrocket gains in the upcoming sessions.</p>
<h2 class="wp-block-heading" id="strong-analyst-expects-a-breakout-ahead-what-does-the-price-action-indicate-strong"><strong>Analyst Expects a Breakout Ahead: What Does the Price Action Indicate?</strong></h2>
<p>Per the Santiment data, the <strong>Optimism token</strong> has crossed the 20-day EMA mark above $2.40 and <strong>picked momentum</strong>. Since the beginning of this month, positive inflows have been noted.&nbsp;</p>
<p>The token displayed a <strong>higher high sequence</strong> and was eyeing to reach the $3 mark. The <strong>Relative Strength Index</strong> also represented a <strong>positive crossover</strong> in the last session.</p> <iframe loading="lazy" title="Santiment Chart: Price (OP), Volume (OP)" width="1170" height="450" src="https://embed.santiment.net/chart?ps=o-optimism&amp;pt=OP&amp;df=2023-11-18T18%3A29%3A59.776Z&amp;dt=2024-05-18T18%3A29%3A59.776Z&amp;emcg=1&amp;emhwm=1&amp;wm=price_usd%3Bvolume_usd&amp;wax=0%3B1&amp;wc=%2326C953%3B%23D2D6E7&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B%7B%22interval%22%3A%221d%22%7D" scrolling="no"></iframe>
<p class="has-text-align-center">Source: Santiment</p>
<p>In a recent tweet by <strong>@WorldofCharts</strong>, he expected a big move on the OP token. He says that the<strong> OP token</strong> has rebounded from the lower trendline support mark of $2 and made a bullish pennant formation.&nbsp;</p>
<p>A break and close above the $2.80 mark might register a breakout, and the token will reach up to the $5 mark soon.</p>
<center>
 <blockquote class="twitter-tweet">
  <p lang="en" dir="ltr"><a href="https://twitter.com/search?q=%24Op&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$Op</a><br><br>Forming Bullish Pennant Incase Of Breakout Expecting Move Towards 5$ <a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Crypto</a> <a href="https://twitter.com/hashtag/Op?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Op</a> <a href="https://t.co/8NynYfEu1Y" rel="noopener noreferrer nofollow">pic.twitter.com/8NynYfEu1Y</a></p>— World Of Charts (@WorldOfCharts1) <a href="https://twitter.com/WorldOfCharts1/status/1791530144508895736?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">May 17, 2024</a>
 </blockquote>
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</center>
<p class="has-text-align-center">Source: Twitter</p>
<h3 class="wp-block-heading" id="strong-unveiling-optimism-q1-2024-performance-on-chain-analysis-strong"><strong>Unveiling Optimism Q1 2024 Performance: On-Chain Analysis</strong></h3>
<p>The<strong> Optimism Network </strong>has glimpsed <strong>remarkable growth</strong> in the first quarter of 2024. Per the <strong>Messari </strong>data, the <strong>circulating market cap</strong> of the OP token noted a rise of over 11% QoQ, surging to $3.70 Billion.</p>
<p>While the <strong>fully diluted market cap </strong>surged to $15.7 Billion, a rise of over 1% QoQ was recorded.</p>
<div class="wp-block-image">
 <figure class="aligncenter size-full"><img loading="lazy" decoding="async" width="843" height="470" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-224.png" alt="Optimism" class="wp-image-206039" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-224.png 843w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-224-300x167.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-224-768x428.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-224-750x418.png 750w" sizes="(max-width: 843px) 100vw, 843px">
 </figure>
</div>
<p class="has-text-align-center">Source: Messari</p>
<p><strong>Optimism Network</strong> noted a growth in the <strong>daily active addresses data</strong>, which reached 89,000 (+23% QoQ), and <strong>daily transactions</strong> grew to 470,000 (+39% QoQ).</p>
<div class="wp-block-image">
 <figure class="aligncenter size-full"><img loading="lazy" decoding="async" width="851" height="470" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-225.png" alt="Optimism" class="wp-image-206040" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-225.png 851w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-225-300x166.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-225-768x424.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-225-750x414.png 750w" sizes="(max-width: 851px) 100vw, 851px">
 </figure>
</div>
<p class="has-text-align-center">Source: Messari</p>
<h3 class="wp-block-heading" id="strong-a-surge-in-total-value-locked-tvl-strong"><strong>A Surge in Total Value Locked (TVL)</strong></h3>
<div class="wp-block-image">
 <figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="370" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-45-1024x370.jpeg" alt="Optimism" class="wp-image-206041" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-45-1024x370.jpeg 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-45-300x108.jpeg 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-45-768x277.jpeg 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-45-1536x555.jpeg 1536w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-45-750x271.jpeg 750w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-45-1140x412.jpeg 1140w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-45.jpeg 1600w" sizes="(max-width: 1024px) 100vw, 1024px">
 </figure>
</div>
<p class="has-text-align-center">Source: Artemis</p>
<p>From the start of May, the <strong>TVL </strong>of the OP<strong> token</strong> kept rising and witnessed a surge of over 32% to $801.90 Million, highlighting a positive outlook.</p>
<h3 class="wp-block-heading" id="strong-a-sharp-spike-in-the-development-activity-what-does-it-mean-strong"><strong>A Sharp Spike in the Development Activity: What Does It Mean?</strong></h3>
<p>For weeks, the <strong>development activity data </strong>of the token was noted to have a consistent rise and revealed growth.</p>
<p>The OP token has a downside capped until the $2 mark, whereas on the higher side, significant room was visible to spread the gains.</p> <iframe loading="lazy" title="Santiment Chart: Social Dominance (OP), Development Activity (OP)" width="1170" height="450" src="https://embed.santiment.net/chart?ps=o-optimism&amp;pt=OP&amp;df=2023-11-18T18%3A29%3A59.776Z&amp;dt=2024-05-18T18%3A29%3A59.776Z&amp;emcg=1&amp;emhwm=1&amp;wm=social_dominance_total%3Bdev_activity&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%238358FF&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B%7B%22transform%22%3A%7B%22type%22%3A%22moving_average%22%2C%22movingAverageBase%22%3A42%7D%2C%22interval%22%3A%221d%22%7D" scrolling="no"></iframe>
<h3 class="wp-block-heading" id="strong-futures-data-highlighted-massive-long-add-ons-strong"><strong>Futures Data Highlighted Massive Long Add-ons</strong></h3>
<div class="wp-block-image">
 <figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="239" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-226-1024x239.png" alt="Optimism" class="wp-image-206042" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-226-1024x239.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-226-300x70.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-226-768x179.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-226-750x175.png 750w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-226-1140x266.png 1140w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-226.png 1404w" sizes="(max-width: 1024px) 100vw, 1024px">
 </figure>
</div>
<p class="has-text-align-center">Source: coinglass</p>
<p>Followed by the price surge, the <strong>futures data</strong> represented the fresh long buildup activity. The <strong>open interest data </strong>revealed a rise of over 5.32% to $140.47 Million, signifying investor speculation.</p>
<p>The immediate support levels for the <strong><a href="https://www.thecoinrepublic.com/2023/08/31/optimism-price-prediction-will-token-unlocks-affect-op-price/" target="_blank" rel="noopener noreferrer nofollow">Optimism (OP)</a></strong> are $2.40 and $2.20, whereas the key upside hurdle is around $3, followed by $3.20</p>
<h4 class="wp-block-heading"><strong>Conclusion</strong></h4>
<p>The <strong>Optimism Network (OP) token</strong> shifted its gains from the lower region to the midline region and noted a rise this week. Moreover, the key metrics revealed sharp growth and suggested <strong>outperformance </strong>in the next sessions.</p>
<h5 class="wp-block-heading"><strong>Disclaimer</strong></h5>
<p>The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.&nbsp;</p>

Optimism (OP) Might Perform Well: Key Metrics Reveal Sharp Growth

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