Because the market gains more bullish momentum, Optimism (OP) investors turn into more enthusiastic after this week’s price actions. In keeping with CoinGecko, the token is up greater than 24% since last week which is currently supported by the strong bullish sentiment present throughout the market.
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Nevertheless, Optimism may need more surprises because the platform pronounces a significant partnership which will turn the tide for Optimism with Sony entering the Web 3 and crypto space with Soneium, a enterprise with Startale Labs.
Sony Enters Web 3 With Soneium
In a press release yesterday, Sony announced the creation of Soneium, their first enterprise into the Web 3 and crypto space. In keeping with their press release, the Soneium blockchain might be used to “explore and develop a plan to make the network public and aim to create recent services by leveraging the assorted businesses and IP throughout the Sony Group.”
This becomes an important deal for the crypto community. The blockchain’s concentrate on Web 3 games and NFTs might revive the retail interest in each industries, possibly placing the highlight on NFTs within the long-term.
The chain was built using the Optimism stack, making it a part of the platform’s superchain. Soneium can also be EVM-compatible, making the platform easy to make use of for developers. As the brand new blockchain matures, Optimism can expect recent bullish momentum on its platform and OP.
$1.5-$1.6 Trading Range Stays Unbreakable For Optimism
Despite the bullishness OP has found on this level, the token continues to be rejected on the $1.6 ceiling. This places recent pressure on the bulls to perform, even tho they’re supported by favorable market conditions and institutional support from centralized organizations like Sony.
It’ll take a while for Optimism to resume its upward trajectory. Being in a narrow trading range, the bulls have little wiggle room to grab gains, moving the bullish breakthrough in the subsequent few weeks or months.
OP market cap currently at $1.9 billion. Chart: TradingView
Nevertheless, the positive developments might shorten this timeframe by a few days as long-term speculators enter the market. With Soneium entering a maturation phase, Optimism might be affected by the event of the previous. But OP’s high market correlation with BTC is perhaps a double edged sword for the token.
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As time progresses, BTC might face some resistance on its upward trajectory, possibly returning to sustainable levels within the short term. With this in mind, investors and traders ought to be well aware of the market’s current volatility. Nevertheless, with the long run viability of the brand new Soneium, there’s lots to be optimistic for OP.
Featured image from Pexels, chart from TradingView