The cryptocurrency markets appear to have temporarily sidestepped the looming shadow of the SEC. Altcoins are rebounding to their pre-drop levels. However, the circumstances for OP Token are somewhat different. Its recent surge was also boosted by the last network upgrade. Although its price surpassed $1.5 today, it couldn’t maintain this level for a prolonged period. So, what’s the next target? What changed with the upgrade? Let’s dive into current OP Token price predictions and upgrade specifics.
OP Token News
Optimism, a layer2 network built on top of the Ethereum network, has successfully completed its planned upgrade. According to an explanatory post, the Bedrock upgrade entails a number of improvements, including reducing transaction costs. Following the successful completion of the upgrade, restrictions on the network were lifted and the network was restored to its former state.
The update process took longer than expected, according to the Optimism team. In a statement, the Optimism Foundation mentioned, “Due to the size of the archive data disk, it is taking longer than anticipated for the legacy-geth archive data disk to become usable.”
Some improvements brought by Bedrock include:
- Deposit, approval processes will speed up by 90% (will decrease from 10 minutes to 1 minute)
- Transaction fees will be reduced (by approximately 40%) Optimism’s goal is to be a “Super Chain”, consisting of many interoperable and mergeable blockchains. This update serves the main goal.
OP Token Price Commentary and Chart
Due to the SEC issue, the OP Token price fell to the level of $1.2, which it saw at the beginning of 2023. Many other altcoins similarly tested their 2023 lows, with some even sinking deeper. However, the subsequent reaction purchases rapidly raised the price above $1.36. Investors are now fighting to maintain $1.4 as a base.
If we see closures above $1.48 in the short term, it’s possible for the price to test $1.54. To talk about a real rally, we should see 4-hour closures above $1.52. Then, the $1.64 and $1.83 peaks can be visited.
On April 15, the price, which neared the $3 limit in the rise, melted by more than 50% due to negative sentiment in the cryptocurrency markets and falling volumes.
