🔥 Massive sale shakes Layer 2: End of the hype or strategic correction?
Amid the widespread panic affecting the crypto market, Layer 2 tokens are bleeding. At the center of the collapse: $MOVE, $OP, and $STRK, three high-profile projects that until recently were hailed as the undisputed future of scaling on Ethereum.
The abrupt fall of these technical gems is not a mere correction: it is a seismic shake that reveals a deep crack in market sentiment. Despite their solid fundamentals, the bullish narrative has been pierced by the sword of macroeconomic pressure and the rotation of capital towards lower-risk assets.
📉 Declines recorded in the last 24h:
$MOVE: -18.4%
$OP (Optimism): -13.9%
$STRK (Starknet): -16.7%
According to Dylan LeClair, senior analyst at Bitcoin Magazine,
“The flight from sectors deemed overvalued is a typical reaction when risk appetite collapses. We saw it in DeFi in 2022, and now it's Layer 2's turn.”
🔍 Technical analysis: watch out for this!
The breakout pattern in the three tokens shows key support levels threatened. STRK broke below the consolidation channel, $OP abandoned its structural support of $2.10, and MOVE plummeted after a technical rejection at its 50-day EMA.
But there’s more: the selling volume has surpassed the 30-day moving average, indicating a tactical capitulation from retail traders and to some extent, institutional.
A disguised opportunity?
While some see this drop as the beginning of the end for inflated narratives, others like Arthur Hayes, co-founder of BitMEX, warn that:
“Sectors with solid fundamentals and actively developing projects are usually the ones that lead the next bullish phase… after extreme fear.”
