Market Downturn? Not For Optimism: A16z’s Major OP Purchase Sends Price Skyrocketing By 9%
01 Maio 2024 - 10:00PM
NEWSBTC
In a month marked by a challenging correction in the crypto market,
Layer 2 (L2) blockchain protocol Optimism has emerged as a standout
performer. Within the past 24 hours, Optimism’s native OP token
skyrocketed by 9%, positioning it as the best-performing token
among the top 100 cryptocurrencies. Behind this surge lies
venture capital firm a16z, which has reportedly invested around $90
million in Optimism’s OP token, signaling further institutional
support for the layer 2 protocol. OP Receives Major
Investment Sources familiar with the matter have revealed to
Unchained that a16z has acquired a significant stake in Optimism’s
OP token. The investment, which comes with a two-year vesting
period, underscores a16z’s interest in the Layer 2 protocol and
aligns with its growing involvement in crypto. Notably, a16z’s
portfolio already includes crypto exchange Coinbase. Related
Reading: Machine Learning Algorithm Predicts Dogecoin Price For May
2024 The investment by a16z comes amidst notable activity and
growth within the Optimism ecosystem. Optimism’s OP Stack has
experienced increased usage, further validating its value
proposition. The protocol’s ability to increase scalability and
reduce fees on the Ethereum blockchain has also garnered
significant attention. Optimism’s spokesperson expressed
enthusiasm for the investment, acknowledging the energy and
momentum surrounding the protocol. The partnership with a venture
capital firm like a16z is expected to fuel further development and
innovation within the Optimism ecosystem. On March 7, the Optimism
Foundation disclosed the sale of approximately 19.5 million OP
tokens, valued at nearly $90 million, to an undisclosed
buyer. These tokens were reportedly sourced from a 30% pool
of OP’s original treasury, dedicated to the foundation’s working
budget. Reports indicated that the buyer could delegate their
tokens to third parties, enabling them to participate in Optimism’s
governance. The foundation clarified that, due to the private
nature of the sale, specific details regarding the terms and
purchaser were not disclosed. Key Levels To Watch For
Optimism Despite the recent surge in the Optimism ecosystem and its
native token OP, the token still trades well below its all-time
high (ATH) reached on March 6, 2024, currently down over 47% from
that level. However, OP’s trading volume has experienced a notable
surge, indicating continued interest in the token. According to
CoinGecko data, the OP trading volume has increased by over 113%
compared to the previous trading day on April 30, amounting to
nearly $600 billion in 24 hours. Related Reading: Bitcoin Euphoria
Cools Off As BTC Distribution Enters Fear Zone Key levels to
monitor for the token soon include OP’s significant resistance at
the $2.62 price mark and a potential retest of the $3 zone.
However, a clear indication of a positive trend for the Optimism
token would require a successful consolidation above the $3.92
zone, marking the end of the month-and-a-half downtrend structure.
Conversely, the $2.37 zone has proven to be a crucial support level
for OP, as it has held for the past five days and prevented further
price decline for the token. Digging deeper, the $2.25 mark
is also a key support, with the most critical support level at
$2.11. This level holds the key to Optimism’s macro bullish
structure, as it initiated the token’s current uptrend. Featured
image from Shutterstock, chart from TradingView.com
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