OP, the ticker of Optimism, the cryptocurrency that powers popular and fast-growing Ethereum layer-2 scaling solution Optimism, has slipped back by about 5.0% on Monday and was last changing hands in the $2.80s according to Trading View citing Coinbase exchange data. Since the start of February, OP/USD has tried and failed on multiple occasions to push to the north of the $3.0 level, though more recently its 21-Day Moving Average at $2.67 has been offering support.
Can Superchain Hype Drive OP Higher?
Last week, Optimism unveiled its vision to build a so-called “Superchain” which maximizes interoperability and composability across major blockchains. In a Twitter thread, the Optimism Foundation announced that Coinbase’s new Ethereum layer-2 scaling solution Base, which is built using the Optimism Stack, will commit a portion of transaction fees to the Optimism collective.
These fees will be used to upgrade the Optimism Mainnet, Base and other layer-2s towards a superchain structure. “In the long term, the Superchain can blossom into a sprawling network which maximizes interoperability, shares decentralized protocols, and standardizes its core primitives–all while funding the public goods which enable it,” the Optimism Foundation said.
There has been a lot of hype as of late around Ethereum layer-2 scaling solutions, with the likes of Optimism and Polygon’s tokens both surging ahead of the broader cryptocurrency market since the start of the year. Progress towards the creation of a Superchain could continue to pump Optimism hype and some analysts think this can continue driving the token higher, even if the broader cryptocurrency market rally stalls due to macro headwinds.
Price Prediction – Where Next for OP?
Optimism appears to have formed an ascending triangle in February, a technical pattern that typically forms ahead of a bullish breakout. Some technicians think that a bullish breakout could catalyze a swift move back above $4.0 and above the token’s record highs at $4.57.
OP Alternatives to Consider
ADA’s short-term outlook is looking good. However, traders looking for quick gains might want to consider other high-potential tokens, such as those being sold in pre-sale by promising up-and-coming crypto projects. We’ve reviewed some of the best candidates in this list of the top 15 cryptocurrencies for 2023, as analyzed by the Cryptonews Industry Talk team.
The list is updated weekly with new altcoins and ICO projects.
Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.
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