OP's price chart indicated that the token has been on a downtrend historically. However, it appeared to be building a base around...
Layer 2 solutions are expected to note major growth in the coming months, according to market analyst Michaël van de Poppe. In fact,He also emphasized that the ongoing accumulation and rising higher lows are early signs of a bullish trend, setting the stage for a potential move north.OP’s price chart indicated that the token has been on a downtrend historically. However, it appeared to be building a base around its press time levels.
The price was also approaching a resistance zone around $2.27, identified as a “crucial breakout area.” This level acts as a barrier that, if breached, could shift market sentiment towards a more bullish outlook.The presence of an ascending trendline suggested further support, reinforcing the possibility of a breakout. On the price chart, momentum appeared to be steadily building as buyers absorbed selling pressure, creating a strong foundation for a potential move upwards.
The market has also been showing signs of a bullish buildup, as the price continues to consolidate near the horizontal resistance.supported the optimistic outlook for OP. Over the past week, new addresses have risen by 32.21%, active addresses by 50.19%, and zero-balance addresses by 22.56%, indicating rising network engagement.
Despite this growth, the token’s price remains relatively stable, suggesting that the network expansion may be laying the groundwork for a bullish trend.Large transaction volumes fluctuated between 1.5k and 2.07k over the past week, with a slight decline towards the week’s end.Exchange netflows for large holders of OP has risen by 470.01% over the past week, indicating that more tokens are moving to exchanges. This could signal potential selling pressure in the short term.
Also, over the last 24 hours, the network recorded $13,070 in fees and $12,901 in revenue, alongside $11.27 million in inflows.Olivia Stephanie is a FinTech enthusiast with a keen understanding of financial markets. Her passion for economics and finance has led her to explore emerging blockchain technology and cryptocurrency markets.Subscribe to get it daily in your inbox.
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