- OP’s price registered an increase and was one of the best gainers in the past 24 hours
- On-chain metrics and market indicators also supported the bears in the market
Optimism [OP] recently released a new update for its Goerli nodes. According to the said update, all nodes should be updated by March 17 for the Goerli Regolith hard fork to take place.
Calling all Optimistic infrastructure providers! Upgrade nodes to op-geth v1.11.2-de8c5df46 and op-node to v1.0.0.
Optimism Goerli nodes should be updated before March 17 at 19:00 UTC, when the Goerli Regolith hardfork occurs.
— Optimism (✨🔴_🔴✨) (@optimismFND) March 6, 2023
How many 1,10,100 VPs worth today
An update for Bedrock
The aforementioned update went on to say that the Regolith upgrade, named after a material best described as “precipitated dust on top of a layer of rock,” makes minor changes to the deposit processing. The upgrade was built on data collected during the Sherlock Audit competition and findings made in the Bedrock Optimism Goerli testnet.
In fact, the new Regolith upgrade uses an L2 block timestamp activation rule and is specified in both the rollup node and the execution engine.
OP in the spotlight
Here it is interesting to note that while this upgrade was being pushed, ONthe price also went up. As the price rose, OP made it to the list of the best risers in the past 24 hours, something that caught the attention of many.
Top Daily Crypto Profits | 7/3/23
1- #GMX $GMX
2- #Decentraland $MANA
3- #Enjin $ENJ
4- #Optimism $OP
5- #Phantom $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 appeared to have slowed. In fact, according to CoinMarketCapOP’s price is up 1.83% in the past 24 hours and at the time of going to press, it was trading at $2.44 with a market cap of over $767 million.
Bears continue to contribute
A look at OP’s daily chart suggested that several indicators have been moving in the bears’ favor lately. For example, ON‘s Chaikin Money Flow (CMF) fell significantly. OP’s Relative Strength Index (RSI) also rested below the neutral level – an important bearish signal.
The Money Flow Index (MFI), on the other hand, reacted differently when it registered an increase. This suggested that OP could continue its price pump.
Realistic or not, here it is OP market cap in BTC‘s conditions
The key metrics of optimism also fell
Data from Token Terminal showed that Optimism’s revenue has fallen significantly over the past seven days. The same trend was true for active addresses, which also dropped in the charts.
The decrease in active addresses also affected the growth of the OP network by pushing it down. Since network growth reflects the number of new addresses that have transferred a given token for the first time, a decrease in it means reduced adoption and usage.
Surprisingly, despite pushing another network upgrade, ONdevelopment activity plummeted. Also, the one-week price volatility in OP has eased in recent days. This should reduce the chance of an unprecedented price increase in the coming days.