Let's analyze what Optimism is, why it is rising today and what its trend could be in the coming days.
Optimism (OP) surprised the market with a sudden increase today . On the daily chart, it marked +11% and rose to the level of $0.717.
The sudden surge has made the OP token extremely volatile, attracting the attention of investors and analysts.
Let's take a look at what Optimism is, why it is up today, and what its direction could be in the coming days by analyzing important technical signals and price levels.
What is Optimism and what drives its rise?
Let's start with what Optimism is . It is a layer 2 network based on the Ethereum blockchain that plays an important role in its ecosystem. Optimism is called a “superchain” , able to help the Ethereum chain scale further thanks to the use of rollups.
Layer-2 thus has a Total Value Locked (TVL) of more than $400 million and currently records a trading volume of $65 million on decentralized exchanges (DEXs).
Optimism’s growth parallels the recent surge in Ethereum and the growing popularity of DeFi. According to Optimism’s official social media account, billions of dollars are pouring into its ecosystem protocols, and OP can benefit from it.
The problem with the Ethereum blockchain is well known: when on-chain activity is very high, even a simple crypto swap can become expensive. Layer-2s like Optimism reduce transaction fees to less than $1 and are much faster.
Much of the surge in Optimism (OP) is likely due to the recent recovery of the second-largest cryptocurrency by market cap. As demand for ETH increases, attention is also turning to the Layer-2 of its ecosystem.
In one day, Optimism has increased by 10%. But there is still a lot to recover: in the last year it has lost 66% of its value. The growth potential is there and it is not negligible.
Will Optimism continue its momentum in the coming days?
If we look at the asset's performance on a larger timeframe, we notice that OP has not yet reversed the bearish trend that began months ago.
An encouraging sign, however, comes from its consolidation that began in April. The token subsequently regained momentum and gained about 21%. So it could continue its bullish movement.
The resistance at $0.707, which is also its 30-day moving average (in yellow), could hinder it. If it manages to break through this price level, it could be a good entry point. If it fails to do so, OP risks losing today's gains and falling 6% to the support level at $0.67.
If the positive momentum holds, OP could continue its rise in the coming hours. In that case, there are several resistance levels to monitor.
It starts from the May peak at $0.908, followed by $0.98, a high recorded in March. Eyes are also on the psychological level of $1 and also on the February peak at $1.21.
Alternativa a Optimism
Optimism seems to be very volatile at the moment and could therefore experience strong swings in the short term. Many investors are also considering Snorter ($SNORT) . This is an emerging meme coin that has developed its own trading bot on Telegram. Its bot could become the fastest and cheapest of all.
In addition to offering ultra-fast swaps, the system automatically detects rug pulls and other scams in the crypto space. It also includes several advanced features: automated sniping to buy newly launched tokens, limit orders and dynamic stop-losses to schedule trades.
The native $SNORT token allows for reduced transaction fees. Holders also have the right to vote on project decisions and can stake it for passive income. It is currently in the presale phase and has already raised over $668,000.
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