altcoin Will Optimism’s [OP] upgrades be enough to sustain the L2 race? Analyzing… – Optimism’s TVL lagged behind Arbitrum despite upgrades to protocol.- Synthetix adoption drove transaction growth on Optimism, but daily active address suggested a decline in overall activity.Despite Optimism [OP] having the first mover advantage in the Layer 2 solutions space, newer solutions such as Arbitrum have outperformed the former in terms of Total Value Locked (TVL).Realistic or not, here’s OP’s market cap in BTC’s terms With a TVL of $1.2 billion and a market share of 63%, Arbitrum led the L2 space at press time.However, Optimism had a TVL of $630 million and a market share of 33% in the same period.
Despite this, Optimism Labs was making major upgrades to the network in order to stay competitive in the L2 race.
(Bed)Rock and Roll One of the most significant upgrades that Optimism Labs has made is the launch of Bedrock.This upgrade aimed to make Optimism the cheapest optimistic rollup on Ethereum.
With the Ethereum Improvement Proposal (EIP) 4844, transaction fees on L2s were expected to decrease even further.Additionally, Bedrock reduces deposit times on Optimism from 10 minutes to 2.5 minutes, improving the onboarding experience for new users.This could potentially attract more users to the Optimism network and help increase its TVL.Despite the lower TVL, Optimism still has a growing number of transactions on its network.
One reason for this could be the presence of Synthetix on the Optimism network.Synthetix was one of the earliest projects to commit to building on Optimism, and its popularity has grown significantly in recent months.The total trades on Synthetix have increased six times over the past three months, with seven-day average trades going from 1k to 7.4k.NFT and Token holders show Optimism Besides its growing number of transactions, Optimism was also showing improvements in the NFT space.
The daily active users and mints on the network were growing, indicating an increasing interest in NFTs on the Optimism network.Furthermore, Optimism’s market cap dominance rose as well, but volatility declined significantly.Is your portfolio green? Check out the Optimism Profit Calculator However, despite these improvements, there are some signs that activity on the Optimism network may be declining.The daily active addresses and velocity on the network suggested a decline in activity.
The overall market sentiment towards Optimism also seemed to be mixed, with some traders remaining bullish on the protocol while others remained skeptical.At press time, the price of OP was $1.70, and it had increased by 0.93% in the last 24 hours.Despite the new upgrades and improvements, it remains to be seen if Optimism could be able to catch up to its competitors in the L2 race.- Chainlink joins the list of most traded smart contracts among the top ETH whales.
– LINK bears face resistance threatening to cut short their recent dominance.The Chainlink blockchain is gradually extending its tentacles across the decentralized landscape.Its long-term expectations are particularly high but its native token LINK remains undervalued at best.But, there is some hope even in the short term.
Read LINK’s price prediction 2023-2024 The latest WhaleStats alert puts LINK in the crosshairs of addresses with large balances.This is because Chainlink made its way into the list of most used smart contracts among the top 1,000 ETH whales in the last 24 hours.This observation confirms that ChainLink is still experiencing healthy levels of utility.JUST IN: $LINK @chainlink one of the MOST USED smart contracts among top 1000 #ETH whales in the last 24hrs🐳 Peep the top 100 whales here: https://t.co/jFn1zIOq03 (and hodl $BBW to see data for the top 1000!)#LINK #whalestats #babywhale #BBW pic.twitter.com/pSPFvjivwD — WhaleStats (tracking crypto whales) (@WhaleStats) January 19, 2023 The timing of this observation is ideal, especially considering LINK’s price level.
The token pulled back by as much as 10% from its current monthly high.This puts it within the 50-day moving average, as well as the 50% RSI level where it is likely to bounce off.The price had already started demonstrating signs of a potential bounce back.
There are some interesting observations that demonstrate why the downside may have been cut short.
We did witness a massive drop in the MVRV ratio since 11 January which confirms a sizable drop in profitability.The same metric is currently at a new monthly low.More notably, LINK’s daily active addresses surged to a new monthly high in the last 24 hours, at the time of writing.These observations likely represent a resurgence of bullish demand considering that the bears failed to maintain dominance.
Hunting on thin ice? An analysis of LINK’s exchange flows confirms that bears were previously in control.However, a surge in exchange outflows was also evident in the last 24 hours, although not enough to sustain a strong rally.These observations point towards a potential short-term upside.Despite this, LINK is still underperforming in some segments regardless of the utility it promises to offer through cross-chain integration.
How many are 1,10,100 LINKs worth today? One area that shows relative underperformance is the amount of LINK supply locked in the smart contracts.This amount has been declining for the last four weeks, especially during the first weeks of January when prices were rallying.A potential reason for this outcome is that investors have opted to focus on taking short-term gains.This reflects the uncertainty of the latest crypto rally in the current month.
More so the uncertainty behind whether the rally represents the start of the next bull run.Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
– The 4-hour market structure was bearish.- The daily chart, while bullish, hinted that SOL could require a deeper retracement before a bullish continuation.Bitcoin continued to trade above the $20k mark, and each passing hour reinforced the idea that a move upward to $22k was more probable than another dump toward $19k.Monday’s low at $20.6k served as support, and any lower timeframe deviations beneath this level have been a buying opportunity in the past two days.Read Solana’s Price Prediction 2023-24 Solana gained 212% in January.If Bitcoin can continue to run higher, the bullish short-term sentiment across the market is likely to spur Solana further higher.
Developer count metrics also seemed to paint a bullish picture, but further investigation showed all might not be well with SOL.Solana shows a fair value gap to be filled on the daily chart Solana fell beneath the month-long range (yellow) lows just after Christmas and recovered on 3 January.The disbelief in the rally was evident in the explosive bullish gains.The OBV also marched northward since the beginning of January.
Is your portfolio green? Check the Solana Profit Calculator Marked in white, a fair value gap on the daily chart was seen in the $18.8=6-$22 zone.This meant that the price could fill this gap and dip some more to shake out long positions before resuming the upward move.Significant support levels lay to the south, even beneath the $18 mark.
While it could be a good idea to bid at these levels, more risk-averse traders can wait for signs of short-term strength.
Imminent levels of interest are the FVG bottom at $18.66 and the H4 bearish breaker at $17.6.A strong bullish reaction from either level, combined with a rise in OBV would likely signal upward continuation.
Weighted sentiment shows weak bearishness Development activity halted over the New Year but has picked up in the past few weeks.Another worrying aspect was that both during the past month as well as the past six months, the development activity had some correlation with the price trend to the naked eye.
No mathematical tests were run, so investors can look to do their due diligence.The funding rate on Binance was extremely negative in early January, as market participants tried to short the recovery from the $8.8 mark.Short position liquidations fed the rally.On 14 January, $19.5 million worth of positions were liquidated.
In the past week, the weighted sentiment metric also stayed in negative territory.Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.- LINK could target its December highs in the next few days.- Short and long-term HODLers posted profits.Chainlink [LINK] hit its bottom at the end of 2022, with a value of $5.473.
It posted a 30% gain into the new year but was later forced into a $6.617 – $6.924 range.However, BTC’s drop to the $20,000 region tipped bears to break below the range.At press time, LINK’s value was $6.422, and bulls had thronged to buy it at discounted prices.LINK could target its December high in the next few days, but only if the bullish momentum increased.Read Chainlink’s [LINK] Price Prediction 2023-24 The December high of $7.682: Can bulls target it? The 12-hour chart showed a distinct pattern to Relative Strength Index (RSI) movements.Whenever LINK is bullish or bearish, RSI rejection occurs at the mid-range before a successful crossover.At press time, the RSI faced rejection after retreating from the overbought zone.
If the past trend holds, the rejection could see the RSI move to the overbought zone again as buying pressure increased.Therefore, LINK could target its December high of $7.682, but it must first overcome the hurdles at $6.617 and $6.924.Weak hands could thus lock profits at these hurdles with 10% potential gains.On the other hand, diamond hands could enjoy about 20% gains if LINK hits its December high.However, bears could breach the current support and push LINK’s value to $6.050, invalidating the above bullish bias.Investors should therefore track BTC movements and FOMC’s announcement at the end of January.
How much is 1,10,100 LINKS worth today? LINK’s volume dropped, but HODLers still posted gains According to Santiment, LINK’s recent price spikes occurred during an uptick in Whale Transaction Count on 16 and 17 January.However, the declining trading volumes undermined further uptrend momentum.Despite the price decline, short and long-term posted gains as indicated by a positive Market Value to Realized Value (MVRV) ratio.In fact, long-term holders enjoyed over 120% profits recently, which were reduced to 100% at the time of publication.Top posts Altcoins1 hour ago Wrapped Bitcoin Project Sees 18% Redemption Of Circulating Supply In 54 Days Statistics show over the course of 54 days, the number of wrapped bitcoin (WBTC) hosted on the Ethereum network has…Bitcoin2 hours ago Bitcoin Short Squeeze May Reach $30,000, Top Crypto Trader Predicts As Bitcoin breaks out of the $21k level, many crypto analysts have begun projecting further rallies for the asset.
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