Thanks to a successful airdrop, onchain metrics now paint a bullish outlook for $OP
, the L2 token of the #Optimism network. The cryptocurrency has not yet been able to start an uptrend, but could rise 64% from its current price in the foreseeable future
Let's understand how Optimism's airdrop went and what the market can now expect from the OP price.
Optimism investors are optimistic
The team of L2 solution for the #Ethereumnetwork - Optimism - has successfully completed its fifth airdrop. This time, more than 54k users received over 10.3 million OP #tokens totaling >$15 million. Many market players see the giveaway as a bullish signal as it attracted a lot of attention to the project.
The metric of realized gains and losses does not show sharp fluctuations so far. Rises above the zero mark indicate that investors are locking in profits. Meanwhile, the lack of spikes above zero indicates that holders are not moving their #assets .
In the case of OP, it is likely that investors continue to hold positions in anticipation of a price rise. In theory, such tactics could help stabilize the token's exchange rate or even raise its price.
Meanwhile, the metric that tracks the growth of the Optimism network has shown significant growth. After the airdrop, the network's growth rate soared 611% in just one day. This indicates that many new users joined the network during that time.
This figure is a reliable indicator of the project's long-term prospects, and for Optimism, such a jump is a sign of a significant strengthening of its position. Together, the factors described above are capable of triggering an upward movement for OP.
OP Outlook: New Heights
At the time of writing this analysis, OP is trading at $1.51, down 6.4% over the past 24 hours. The chart below shows that the price of the token is now testing the lower boundary of the ascending triangle pattern.
If the altcoin manages to bounce off the lower trend line, it will have the opportunity to test the resistance levels at $1.74 and $1.87. Overall, this scenario prepares the ground for a possible Optimism breakout and strengthens the bullish outlook.
Within the pattern, OP could rise 64% to $3.17. Such a rise will be possible if the token can rise above $2.00 and turn this level into a new support.
If Optimism fails to break above the resistance at $1.87, the breakout described above will be postponed. Such a development would put the bullish thesis in doubt.
