Optimism: OP leads the crypto pack with a 90% price increase in the last seven days

Optimism: OP leads the crypto pack with a 90% price increase in the last seven days
Optimism: OP leads the crypto pack with a 90% price increase in the last seven days

Several cryptoassets are showing gains in recent weeks, with OP, the initial token of Optimism, the Layer-2 scaling solution, leading the way with a 94.92% price increase over the past seven days. Apart from the price increase, the protocol also saw significant ecosystem updates during the week. For example, the L2 protocol launched its new Optimism onboarding flow for new and experienced cryptocurrency traders. That too launched its first euro-pegged stablecoin in the form of $agEUR.

How else has the OP token fared in the last seven days?

Price performance analysis

Like the price of the leading cryptocurrency, Bitcoin [BTC], climbed above the $24,000 price mark during the week, the rest of the market followed suit and recorded gains. The OP token was not left behind. Per data from CoinMarketCap, the price of the OP token increased by over 95% in the last seven days. Seven days ago, the token’s price was $0.89. Change hands at $1.78, increased token accumulation of tokens forced a price increase.

In the period under review, the token’s trading volume saw steady growth. At 799.85 million at press time, OP recorded a 67% growth in trading volume over the past seven days. During the same period, the token’s market capitalization grew from $177.93 million to $389.61 million.

Source: Sentiment

On a 24-hour chart, a price increase of 8.39% was recorded. With increased OP accumulation in recent days, the token’s Relative Strength Index (RSI) marked its place in the overbought region at 78 at press time. Token’s Money Flow Index (MFI) was also seen at 88.

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With the peaks marked by these key indicators, the token’s 7-day rally may be coming to an end, as a bearish retracement usually follows such highs.

Source: TradingView

Performance on the chain

In the relevant period, data is from Sentiment revealed that the token’s social dominance peaked on July 28 when the metric peaked at 1.03%. However, this was followed by a 32% decline, which saw the token’s social dominance pegged at 0.77% at press time. In a seven-day window, the token’s social dominance grew by 17%

OP’s social volume also peaked at 1065 on July 28th. At 195 at press time, the metric recorded an 81% drop within two days. In a seven-day window, this metric saw a 43% growth. Within the same period, the token’s development activity recorded a minor growth of 0.37%.

Source: Sentiment

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