As the market gains more bullish momentum, OP investors are getting more excited after this week’s price action. According to Queen GeckoThe token is up over 24% since last week which is currently supported by the strong bullish sentiment in the market.
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However, Optimism may have more surprises in store as the platform has announced a major partnership that could turn things around for Optimism with Sony entering the Web 3 and crypto space with Soneium, a joint venture with Startale Labs.
Sony enters the world of Web 3 with Soneium
In a press release issued yesterday, Sony said, It was announced Creating Soneium, their first venture into the Web 3 and cryptocurrency space. According to their press release, the Soneium blockchain will be used to “explore and develop a plan to make the network public and aim to create new services by leveraging various businesses and intellectual property within the Sony Group.”
This is a great thing for the crypto community. The blockchain’s focus on Web 3 gaming and NFTs could revive retail interest in both industries, potentially putting NFTs in the spotlight in the long run.
The chain is built on the Optimism stack, making it part of the platform’s Superchain. Soneium is also EVM compatible, making the platform easy to use for developers. As the new blockchain matures, Optimism can expect fresh upward momentum on its platform and OP.
$1.5-1.6 trading range still unbreakable for optimism
Despite the upside OP found at this level, the token is still rejected at the $1.6 ceiling. This puts fresh pressure on bulls to perform, even though they are backed by favorable market conditions and institutional support from centralized organizations like Sony.
It will take some time. optimism To resume its upward trajectory. And because it is in a tight trading range, bulls have little room to move to extract gains, which will trigger an upward breakout in the next few weeks or months.
However, positive developments may shorten this timeframe by a few days as long-term speculators enter the market. As Soneium enters its maturity phase, optimism will be affected by the development of the former. But OP’s high market correlation with BTC may be a double-edged sword for the token.
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Over time, Bitcoin may face some resistance on its upward trajectory, and may return to sustainable levels in the near term. With this in mind, investors and traders should be fully aware of the current market volatility. However, with the new Soneium’s long-term viability, there is a lot to be optimistic about OP.
Featured image by Pexels, chart by TradingView