Optimism: Major Partnership Pushes OP Price By 24%

Christian Encila

10 months ago

3 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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.

OP market cap currently at $1.9 billion. Chart: TradingView

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

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.