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Most digital tokens recorded gains within the past few weeks. Meanwhile, Optimism’s native token, OP, lead with a 94.92% price surge over the previous seven days.
Optimism is a Layer2 scaling solution. Besides the price surge, the platform also noted substantial ecosystem upgrades in the week.
For instance, the LT network launched a new Optimism onboarding flow to help experienced and new crypto traders. Also, it introduced its Euro-tied stablecoin in $agEUR form. How did OP perform within the seven days under review?
OP Price Analysis
The crypto market followed Bitcoin’s surge past $24K, recording impressive gains. OP was among the alts that capitalized on the improved market mood. Coinmarketcap data shows OP surged approximately 95% within the previous seven days.
The altcoin traded at $0.89 a week ago. The alternative token climbed to change hands near $1.78 at this writing, following increased OP accumulation.
The timeframe under review had the asset’s trading volume on stable growth. OP recorded a 67% increase in trading volume over the past seven days, hovering near 799.85 million during this publication. Also, the duration had the token’s market cap soaring to $389.61 million from $177.93 million.
The 24hr chart showed OP price gained 8.39% within the past day. Moreover, the asset’s Relative Strength Index entered the overbought territory, reading 78 during this publication. The RSI’s move emerged after OP saw surge accumulation over the past few days.
Also, OP’s Money Flow Index stood at 88. Meanwhile, these indicators flashing highs could signal an end to the asset’s seven-day surge. Remember, bearish retracements showcased after such peaks.
On-Chain Performance
The timeframe under review witnessed the alt’s social dominance peaking on July 28 when the index hit the 1.03% high (Santiment data). However, a 32% slump followed, dragging OP’s social dominance to 0.77% during this publication. Meanwhile, the metric surged 17% within the past seven days.
Optimism’s social volume also hit a high at 1065 on July 28. Meanwhile, it noted an 81% slump in two days to 195 during this publication. The metric gained 43% in a 7-day timeframe. Moreover, the period had OP’s development activity recording a slight 0.37% growth.
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