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Investor interest has returned to optimism for an Ethereum Layer 2 scaling solution. Over the past week, the token has risen over 98%. Of course, it highlights the gains other Ethereum-based tokens have experienced. Cryptocurrencies such as Ethereum Classic are also showing top gains. Nonetheless, further scrutiny of optimism reveals the underlying fundamentals driving the surge.
On July 26th, Optimism announced the launch of the Drippie. Drippie is Ethereum’s trust-minimized conditional transaction system. This allows users to make trades according to the set conditions. Optimists hope the system will solve automation problems that will improve blockchain performance.
This integration follows another positive development on July 24th. Curve Finance has announced a grant proposal to increase liquidity for Optimism. The move is expected to allow 1 million Optimism tokens to be distributed to the Curve pool. Liquidity providers will be incentivized with OP tokens.
OP Tokens are getting a boost from development in July. But for investors, are tokens attractive now, or is the bubble about to start bursting?
Source TradingView
Recent developments are positive for OP, but current prices may not be sustainable. The RSI is showing an overbought condition with a high chance of a correction. Investors are encouraged to buy with retracements. Since the token is already facing resistance at $1.88, a fall to $1.45 is possible.
The latest developments have increased the usefulness of the Optimism Token. At current valuations, investors should consider buying lower as a correction is more imminent. The potential support zone is $1.45.
