Optimism (OP) Defies Downtrend with 5% Rally 

• Optimism (OP) experienced a rally of 5%, propelling its price to $1.79.
• A surge in active addresses, hitting 22.9K, highlighted Optimism’s (OP) most promising day in 2023.

In the midst of a challenging period for major altcoins, Ethereum’s scaling solution, Optimism (OP), defies the downtrend. Today, the cryptocurrency displayed its resilience with a 5% rally, propelling its value to $1.79. Further, a significant 22.9K active addresses marked one of the most promising days for Optimism (OP) in the entirety of 2023. 

According to market intelligence Santiment, high-value addresses—predominantly held by influential whales and sharks—have consistently maintained their positions, collectively amounting to $781.9 million. This commitment from major players signals strong confidence in the long-term potential of Optimism (OP).

Optimism (OP) Price Back on Track?

Since August 10th, a downward trend has been evident in Optimism’s (OP) price. This challenging period underscores the significance of the OP cryptocurrency. 

At the time of writing, Optimism’s (OP) price is at $1.53, showcasing a significant rally of 3.80% with a market cap of $1.09 billion. Further, the trading volume has surged by 110% during the intraday trading session, indicating renewed interest and active participation from the trading community.

Zooming out to a week’s time frame, Optimism (OP) has exhibited a modest increase of around 0.26%. Over the past month, the cryptocurrency has declined by approximately 2.79%. Despite these price fluctuations, it’s essential to highlight the recovery in Optimism (OP), an impressive gain of 66.48% year-to-date.

Further, the recent development is the convergence of Optimism’s (OP) 50-day moving average (50MA) towards its 200-day moving average (200MA). This trend sentiment finds positive momentum in Optimism’s (OP) current positioning above its 50-day exponential moving average (50-day EMA). Moreover, a crucial metric, the Relative Strength Index (RSI), is presently situated at 51, indicating a new correlation in the price momentum.

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