OP Coins Up 300% in One Month, Analysts Expect 30 Percent Drop in August

The price of the Optimism coin (OP) has skyrocketed by almost 300% over a month. It rose to $2.31, its second-highest on record, on Aug. 4, before dropping to $1.9 now following news of developments. Ethereum (Ethereum) in layer-2

Optimism It is an Ethereum layer-2 solution that will increase the scalability of the main chain. And it will benefit from The Merge’s arrival as Ethereum’s “Rollup-Centric Roadmap” turns the main chain into a layer of settlement and data availability, putting scalability in the hands of the layer- 2 rollups through “danksharding“

Alley Zack, a researcher at Messari, said: “Current developments in rollups and ethereum structures The current Ethereum-only transaction volume of 15–45 TPS can be expanded up to 1000–4,000 TPS.”

OP price may drop 30% in August

Despite the strong fundamentals But the OP’s technical indicators suggest that the rally could end in the coming weeks.

On the 4-hour chart, the OP’s price increase coincides with a decline in the relative strength index (RSI), indicating “bearish divergence.” Attempts to break above the $2 level were vehemently rejected twice. Since July 29, this includes a 15% loss after hitting a high of $2.31 on Aug. 4.

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