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Recent updates and developments on the Optimism network, shared via their official Twitter account, have stirred positive sentiments within the community. The integration of creative platform manifold.xyz into the Optimism platform is seen as a positive development for NFT creators. Furthermore, the launch of crypto infrastructure for the account abstraction wallet pimlico.eth on the OP main network has further contributed to the network’s progress.
On-Chain Data on Optimism Network and Technical Outlook of OP Token
Despite a dynamic week and positive developments, OP, the native asset of the Optimism network, couldn’t show an increase corresponding to the positive sentiment. According to data from cryptocurrency research and analysis company Santiment, OP’s network growth has stagnated, indicating lack of interest in new wallet addresses.
Furthermore, the network’s development activity declined over the last few days. This may suggest developers aren’t actively contributing to the network’s development. The weighted sentiment towards the OP token also shows a decline, reflecting a negative market outlook.
Despite these indicators, OP’s daily price action gives some hopeful signs. At the time of this writing, OP is trading in the green, and indicators like the Awesome Oscillator (AO) are flickering with green bars, potentially signaling a positive trend.
OP Investors Should Be Cautious
The Relative Strength Index (RSI) is moving away from the oversold area and indicates a potential uptrend as it approaches the overbought area. Additionally, the Moving Average Convergence Divergence (MACD) points to the possibility of a bullish crossover, which could be interpreted as a positive signal for the OP token.
Looking at the technical view and on-chain data as a whole, Optimism investors need to be cautious and keep the overall investor sentiment in the cryptocurrency market in mind.
According to data from cryptocurrency data platform CoinMarketCap, OP has seen a rise of 3.89% in the last 24 hours, but a notable 36.16% drop over a 30-day timeframe. This underscores the need for careful analysis and monitoring of OP’s price movements before making investment decisions.
