bullish

Arbitrum

Uniswap

Optimism

Gains

OP – the native token of one of the major layer-2 networks Optimism – has witnessed a more than 22% surge in the past week alone owing to the crypto market rally. At the time of writing, the asset is trading near $1.70 as it forms an ascending triangle pattern. 
Experts suggest that this pattern could push its price higher. 
<h2 id="op-s-bullish-breakout-potential">OP’s Bullish Breakout Potential</h2> 
According to popular crypto analyst Ali Martinez’s latest <a href="https://x.com/ali_charts/status/1856084118234116233" target="_blank" rel="noopener" data-wpel-link="external">tweet</a>, OP has historically demonstrated a tendency to form market bottoms through the pattern of ascending triangles, which are typically followed by significant price rallies. This technical formation suggests that a breakout is likely once the price reaches the upper boundary of the triangle. 
In previous instances, these breakouts have propelled OP towards the 1.618 Fibonacci retracement level, signaling a potential target price. With the token showing a similar setup, the price appears to reach a bullish target of $7.20, representing a potential 340% gain. If the pattern holds, this could signal a major upward move in the near future. 
<a href="https://cryptopotato.com/wp-content/uploads/2024/11/Image.jpg" data-wpel-link="internal"><img class="aligncenter size-full wp-image-370311" src="https://cryptopotato.com/wp-content/uploads/2024/11/Image.jpg" alt="" width="1119" height="827" srcset="https://cryptopotato.com/wp-content/uploads/2024/11/Image.jpg 1119w, https://cryptopotato.com/wp-content/uploads/2024/11/Image-300x222.jpg 300w, https://cryptopotato.com/wp-content/uploads/2024/11/Image-1024x757.jpg 1024w, https://cryptopotato.com/wp-content/uploads/2024/11/Image-768x568.jpg 768w, https://cryptopotato.com/wp-content/uploads/2024/11/Image-50x37.jpg 50w" sizes="(max-width: 1119px) 100vw, 1119px"></a> 
<h2 id="op-stack-adoption-grows-rapidly">OP Stack Adoption Grows Rapidly</h2> 
As OP shows bullish technical signals, it’s important to highlight the broader developments driving its market momentum. On the technical side of things, Optimism continues to garner attention as a Layer 2 scaling solution for Ethereum, leveraging its optimistic roll-up technology to enhance transaction speeds and reduce fees compared to ETH’s base layer. 
This has attracted notable partnerships, including Coinbase’s adoption of the OP Stack for its own Layer 2 blockchain, Base, and rival exchange Kraken’s <a href="https://cryptopotato.com/crypto-exchange-kraken-to-launch-its-own-blockchain-next-year-report/" target="_blank" rel="noopener" data-wpel-link="internal">announcement</a> of its network, Ink. Other popular entities include leading decentralized exchange Uniswap and global electronics leader Sony, which is already utilizing the OP Stack. 
More recently, liquid restaking protocol Swell also <a href="https://cryptopotato.com/liquid-restaking-protocol-swell-drops-polygon-cdk-for-op-stack/" target="_blank" rel="noopener" data-wpel-link="internal">announced</a> that its Layer 2 is migrating to the Optimism Superchain, abandoning its initial plans to use Polygon’s CDK. 
Data compiled by L2Beat <a href="https://l2beat.com/scaling/summary" target="_blank" rel="noopener" data-wpel-link="external">revealed</a> that Optimism still lags behind its competitor Arbitrum in terms of total value locked (TVL) across Ethereum’s Layer 2 platforms, holding slightly more than $7 billion, compared to Arbitrum’s $16.06 billion. 
The post <a href="https://cryptopotato.com/optimism-op-price-pattern-points-to-a-breakout-340-gains-on-the-horizon/" rel="nofollow">Optimism (OP) Price Pattern Points to a Breakout, 340% Gains on the Horizon?</a> appeared first on <a href="https://cryptopotato.com/" rel="nofollow">CryptoPotato</a>.

Optimism (OP) Price Pattern Points to a Breakout, 340% Gains on the Horizon?

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