Here’s Why Optimism (OP) Surged 67% to Entice Investors

Following a pessimistic start that saw OP prices losing 36% on June 8, Optimism’s governance coin has witnessed some traction within the past few days. The daily price chart shows the alternative token embarked on uptrends since July 18. Now printing an ascending triangle pattern, what should OP holders know about the asset’s performance within the past seven days?

OP Up, But…

The previous week saw OP price surging 67%. The alt hovered around $0.57 on July 17 before bulls propelled it to change hands near $0.9253 during this publication. Meanwhile, the Optimism coin saw enormous trading activity over the past week. Its trading volume gained 75% in that timeframe, hovering around 244.9 million during this publication.

OP’s market cap noted a 59% increase, climbing to $199.71 million from $124.98 million over the past seven days. Meanwhile, the asset’s buying momentum gained strength on the daily chart, following price rallies over the past few days.

The alt’s RSI (Relative Strength Index) entered the neutral-50 territory when Op started rallying on July 17. Meanwhile, the indicator extended upside as it stayed beyond the neutral area, reading 65.79 during this publication.

Following similar trajectories, OP’s MFI (Money Flow Index) maintained uptrends over the past week. It hovered at a highly overbought area of 84.32 during this publication.

On-Chain Analysis

Santiment’s data shows OP recorded some plunges on the social metric, regardless of price surges within the past seven days. The alt’s social dominance dropped by 78% over the past week to 0.633% during this publication. Also, the asset’s social volume lost 79% in that timeframe. The metric stood at 102 at this publication.

Furthermore, the OP network’s development activity dipped during the timeframe under review, losing 17% to 100 at this writing. Concerning OP’s whale holdings, the token noted a 0.9% slump in the phase under analysis.

Meanwhile, the alt’s fate relies on the broad market tendencies. Improved sentiments remain crucial to ensure stable uptrends. Buyers should step up to invalidate the ongoing bearishness. The sector explores slight overnight losses that saw Bitcoin surrendering the $22K level to change hands at $21,900.

Stay tuned for upcoming developments in the crypto world.