- Optimism does higher than different layer 2 chains by way of web circulate. Protocol manages to retain the next variety of customers.
- OP’s value continues to say no, nevertheless, whales present sudden curiosity.
Optimism has been having a tricky time competing within the L2 area as rivals resembling Arbitrum and Polygon have been dominating the market over the previous couple of months. Nonetheless, it seems that Optimism began to realize its footing within the L2 area but once more and has been outperforming different L2 options in some areas.
Real looking or not, right here’s OP’s market cap in BTC’s phrases
On the brighter aspect
In keeping with knowledge offered by analyst Dynamo Patrick, Optimism ranked no 1 by way of web bridge circulate. For context, web bridge circulate in crypto refers back to the motion of digital property between completely different blockchain networks or bridges.
Within the final week, Optimism’s web circulate reached a complete of $57.1 million.
High 5 chains by 7 day web bridge circulate 👀 pic.twitter.com/JJnVeTLkY9
— Patrick | Dynamo DeFi (@Dynamo_Patrick) May 24, 2023
The spike in web circulate on the Optimism protocol may very well be attributed to the rising variety of customers on the community. Not solely had been new customers being onboarded to Optimism, however they had been selecting to remain as nicely.
This was showcased by Dune Analytics’ knowledge which indicated that Optimism’s person retention started to surge over the previous couple of days. At press time, the weekly retention for brand new customers on Optimism was round 17.3%.
Supply: Dune Analytics
Nonetheless, the OP token didn’t see the identical development as its protocol. Since 15 April, the value 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 worth of 40.72 on the time of writing. Conversely, the Chaikin Cash Circulate (CMF) displayed a contrasting sample by constantly rising, 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, presumably from new consumers or institutional traders.
Supply: Buying and selling View
The quantity with which OP was being traded, additionally declined throughout this month. Nonetheless, 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 may have a optimistic affect on the OP token going ahead.
Learn Optimism’s Value Prediction 2023-2024
Supply: Santiment
