Optimism’s development activity surged to its highest level since the start of 2023. The daily transaction volume in profit tripled over the past 10 days. On 28 February, popular layer-2 scaling solution Optimism [OP] shared an update about its upcoming hard fork in March. The tweet was optimistic that there will be no downtime for […]
announced by the Optimism ecosystem in recent days. Perhaps the most ambitious among them was the idea of a ‘Superchain’, a cohesive and interoperable system that would unify multiple layer-2 solutions into one.After a sharp move upwards on 10 February, Optimism’s network growth tanked. The refusal of new addresses to engage with OP was a negative signal.
On the other hand, the positive 30-day MVRV Ratio suggested that most holders would book profits if they sell their holdings at the prevailing price. The increasing MVRV Long/Short Difference clarified that it was the long-term bulls who would make greater profits. The daily transaction volume in profit, which tripled over the past 10 days, lent credence to the above deduction.After a prolonged period of decline, Optimism’s open interest spiked for a brief period last week. However, at the time of writing, it matched the trajectory of price and moved sideways.
The price drop registered at press time could be due to profit-taking by bulls, as established earlier in this article. Hence, there was a possibility of things taking a bullish turn for OP in the days to come.Subscribe to get it daily in your inbox.
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