• Optimism [OP] witnessed a notable uptick in the number of transactions and daily volume.
• However, OP struggled to make a comeback on the price and metric front.
• OP’s metrics indicated that it still had a long way to go before recovery.
Optimism’s Recent Uptick
The Optimism network recently witnessed some growth over the last 30 days, with an uptick in the number of transactions as well as its volume. Additionally, as of 28 June, a tweet from blockchain intelligence platform IntoTheBlock stated that OP witnessed a notable uptick in the number of transactions. Additionally, the daily volume also witnessed a rebound and went from 10k to almost touching the 40k mark.
Metrics Indicate Long Road Ahead
Despite this recent increase in activity, OP still struggled to make a comeback on the price and metric front. As per data from CoinMarketCap , OP was exchanging hands 7% lower over the last 24 hours and almost 15% lower in the last seven days. Furthermore, OP’s weighted sentiment stood at -1.025 – on the lower end considering its performance since February of this year – while development activity saw a dip after peaking on 17 June. Lastly, OP’s MVRV ratio also witnessed a dip after reaching its peak on 17 June as well.
Daily Chart Analysis
A look at OP’s daily chart also gave insight into what can be expected of the altcoin going forward. Despite opening up 8% higher than at time of writing, it was noted that selling pressure was still present in markets as evidenced by an RSI reading which was seen in a descending position (42). This discrepancy between open/close prices could indicate further losses for holders if this trend continues throughout future sessions..
Market Cap In BTC Terms
As for market cap analysis in terms of Bitcoin’s [BTC], at time of writing 1, 10 and 100 OPs were worth 0 BTCs , 0 BTCs , and 0 BTCs respectively; indicating that there is still some ground to cover before investors see any significant returns tied to their investments within this asset class..
Overall, although Optimism has seen some positive developments lately – namely an uptick in transaction numbers and volume – there is still much more work to be done before investors can consider it „out-of-the-woods“. Unless these metrics improve significantly over upcoming weeks/months or unless external forces act upon it positively (such as news or partnerships), we may not expect much out of this coin anytime soon