- OP’s price registered an uptick and was one of the top gainers over the last 24 hours
- On-chain metrics and market indicators supported the market’s bears too
Optimism [OP] recently released a new update for its Goerli nodes. According to the said update, all nodes should be updated by 17 March before the Goerli Regolith hard fork happens.
Calling all Optimistic infra providers! Please upgrade nodes to op-geth v1.11.2-de8c5df46 and op-node to v1.0.0.
Optimism Goerli nodes need to be updated before March 17 at 19:00 UTC, when the Goerli Regolith hardfork takes place.
— Optimism (✨🔴_🔴✨) (@optimismFND) March 6, 2023
How much are 1,10,100 OPs worth today
An update ahead of Bedrock
The aforementioned update went on to say that the Regolith upgrade, named after a material best described as “deposited dust on top of a layer of bedrock,” implements minor changes to deposit processing. The upgrade was built based on data collected from the Sherlock Audit contest and findings made in the Bedrock Optimism Goerli testnet.
In fact, the new Regolith upgrade uses a L2 block-timestamp activation-rule and is specified in both the rollup-node and execution engine.
OP in the limelight
Here, it is interesting to note that while this upgrade was pushed, OP’s price also went up. As its price went up, OP made it to the list of the top gainers in the last 24 hours, something that caught the attention of many.
Top Daily Crypto Gainers | 7/3/23
1- #GMX $GMX
2- #Decentraland $MANA
3- #Enjin $ENJ
4- #Optimism $OP
5- #Fantom $FTM pic.twitter.com/Uz5njn7Pbp— Sjuul | AltCryptoGems (@AltCryptoGems) March 7, 2023
However, the bull run was short-lived as, at the time of writing, OP’s growth momentum seemed to have slowed down. In fact, as per CoinMarketCap, OP’s price hiked by 1.83% over the last 24 hours and at press time, was trading at $2.44 with a market capitalization of more than $767 million.
Bears continue to contribute
A look at OP’s daily chart suggested that several indicators have favoured the bears lately. For instance, OP’s Chaikin Money Flow (CMF) declined considerably. OP’s Relative Strength Index (RSI) was also resting below the neutral level – A major bearish signal.
The Money Flow Index (MFI), on the other hand, reacted differently as it registered an uptick. This suggested that OP could continue its price pump.
Source: TradingView
Realistic or not, here’s OP market cap in BTC‘s terms
Optimism’s key metrics declined too
Token Terminal’s data revealed that Optimism’s revenue fell significantly over the last seven days. The same trend was true for active addresses, which also went down on the charts.
Source: Token Terminal
The decline in active addresses also affected OP network growth by pushing it down. As network growth reflects the amount of new addresses that transferred a given token for the first time, a decline in it represents decreased adoption and usage.
Surprisingly, despite pushing a new network upgrade, OP’s development activity plummeted. Also, OP’s one-week price volatility decreased over the last few days. This should minimize the chances of an unprecedented price surge in the coming days.
Source: Santiment