As the market gains more bullish momentum, Optimism (OP) investors become more enthusiastic after this week’s price actions. According to CoinGecko, the token is up more than 24% since last week which is currently supported by the strong bullish sentiment present within the market.
However, Optimism might have more surprises as the platform announces a major partnership that may turn the tide for Optimism with Sony entering the Web 3 and crypto space with Soneium, a venture with Startale Labs.
Sony Enters Web 3 With Soneium
In a press release yesterday, Sony announced the creation of Soneium, their first venture into the Web 3 and crypto 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 the various businesses and IP within the Sony Group.”
This becomes a great deal for the crypto community. The blockchain’s focus on Web 3 games and NFTs might revive the retail interest in both industries, possibly placing the highlight on NFTs in the long-term.
The chain was built using 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 new bullish momentum on its platform and OP.
$1.5-$1.6 Trading Range Remains Unbreakable For Optimism
Despite the bullishness OP has found on this level, the token continues to be rejected on the $1.6 ceiling. This places new pressure on the bulls to perform, even tho they’re supported by favorable market conditions and institutional support from centralized organizations like Sony.
It will take some time for Optimism to resume its upward trajectory. Being in a narrow trading range, the bulls have little wiggle room to grab gains, moving the bullish breakthrough in the next few weeks or months.
However, the positive developments might shorten this timeframe by a couple of days as long-term speculators enter the market. With Soneium entering a maturation phase, Optimism will be affected by the development of the former. But OP’s high market correlation with BTC might be a double edged sword for the token.
As time progresses, BTC might face some resistance on its upward trajectory, possibly returning to sustainable levels in the short term. With this in mind, investors and traders should be well aware of the market’s current volatility. However, with the long term viability of the new Soneium, there’s a lot to be optimistic for OP.
Featured image from Pexels, chart from TradingView