Optimism (OP) is an Ethereum-compatible Layer 2 scaling solution that has attracted significant attention since its public mainnet launch in December 2021. It is currently the fourth largest L2 chain, with a total value of $688 million locked in smart contracts to date.
However, the OP governance token has struggled in the spot market as the price has remained in a consolidation phase for the past four months. On the daily chart, the short-term Simple Moving Average (SMA) and Exponential Moving Average (EMA) remain below the 200-day MA, indicating continued bearish momentum.
OP price chart. Source: TradingView
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