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Optimism (OP) is experiencing an interesting market rally amid the ongoing cryptocurrency bull run. According to CoinMarketCap data, the protocol’s native token OP is changing hands at $2.19, representing a 21.57% rise in the last 24 hours.
OP breaking through resistance levels
OP’s bullish run has shocked the market since Optimism struggled to break the $1.57 resistance level seven days ago. On Nov. 14, OP traded at $1.49 and continued fluctuating below the resistance level until afternoon trading the following day.
Godfrey BenjaminThe token continued its bullish ride once it breached the $1.57 resistance level. However, Optimism’s big break occurred within the last 12 hours as it leaped significantly to its current trading price.
This surge has placed OP at a significant 17% higher growth rate than its rival coins in the top 100 of most capitalized coins.
Among Optimism’s competitors, only Arbitrum has a 15.78% growth rate, with a significantly lower price of $0.8047. Polygon is experiencing negative growth of 1.04%, as its price has dipped slightly below the $0.45 support level to $0.4508.
Can Optimism sustain its momentum?
The impressive performance of Optimism among its rivals has sparked speculation on where the token’s price could head next. The anticipation of a further climb lies in soaring market volume, which has risen by 130.34% to $747.06 million.
Vladislav SopovHowever, despite OP's impressive performance, market trend observers maintain the token is still a long way from flipping its February 2023 record high of $3.10. Also, OP traded at an all-time high (ATH) of $4.70 in March 2024, showing that the asset had seen better days before now.
Stakeholders must watch whether the token can sustain this momentum and reclaim its former glory. To achieve this, sustained investor interest and favorable broader crypto developments remain crucial catalysts to watch.
Vladislav Sopov
Tomiwabold Olajide
Dan Burgin
Alex Dovbnya