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.
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.
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
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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.
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.
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
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
buy cheap clomiphene get clomid without rx how can i get cheap clomid without prescription can i order clomiphene without insurance buy cheap clomiphene no prescription clomid generic brand where to buy generic clomid no prescription
More posts like this would create the online elbow-room more useful.
More posts like this would make the online time more useful.
I am in truth happy to coup d’oeil at this blog posts which consists of tons of profitable facts, thanks for providing such data.
zithromax 250mg cheap – order metronidazole 200mg without prescription buy metronidazole sale
buy semaglutide 14 mg pill – buy generic periactin 4mg periactin canada
order domperidone 10mg online – order tetracycline 250mg generic cyclobenzaprine online
propranolol drug – buy clopidogrel 150mg sale order methotrexate 2.5mg online cheap
purchase augmentin for sale – at bio info ampicillin over the counter
order generic nexium 20mg – https://anexamate.com/ buy nexium online cheap
order medex generic – coumamide order losartan 25mg pills
buy meloxicam without prescription – https://moboxsin.com/ order mobic sale
deltasone 40mg tablet – https://apreplson.com/ oral prednisone 5mg
amoxil online buy – combamoxi how to buy amoxil
forcan drug – diflucan 200mg drug order diflucan sale
cenforce pill – fast cenforce rs purchase cenforce online cheap
cialis soft – https://ciltadgn.com/ pregnancy category for tadalafil
ranitidine 150mg sale – buy zantac no prescription how to get ranitidine without a prescription
cialis prices in mexico – what is the difference between cialis and tadalafil where to buy cialis online for cheap
Thanks on putting this up. It’s understandably done. prednisolona para que sirve
can you buy viagra boots – viagra sale jamaica can buy viagra rite aid
With thanks. Loads of expertise! ursxdol.com
I’ll certainly bring to skim more. https://buyfastonl.com/azithromycin.html
This is the make of post I unearth helpful. https://prohnrg.com/product/omeprazole-20-mg/