As the market gains more bullish momentum, optimistic investors (OP) are becoming more enthusiastic after this week’s price actions. According to Gecko CoinThe token has gained over 24% since last week, which is currently supported by the strong bullish sentiment present in the market.
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However, Optimism could have more surprises in store as the platform announces a major partnership that could change the course of Optimism with Sony entering the Web 3 and crypto space with Soneium, a company with Startale Labs.
Sony enters Web 3 with Soneium
In a press release published yesterday, Sony announced The creation of Soneium, its first foray into the Web 3 and cryptocurrency space. According to its press release, Soneium’s blockchain will be used to “explore and develop a plan to take the network public and aim to create new services leveraging the various businesses and intellectual property within the Sony Group.”
This becomes a big deal for the cryptocurrency community. Blockchain’s focus on Web 3 gaming and NFTs could revive retail interest in both industries, possibly putting the spotlight on NFTs in the long run.
The chain was built using the Optimism stack, making it part of the platform’s superchain. Soneium also supports EVM, making the platform easy to use for developers. As the new blockchain matures, Optimism can expect further bullish momentum on its platform and OP.
The trading range of $1.5 to $1.6 remains unbreakable for optimism
Despite the optimism OP has found at this level, the token remains rejected at the $1.6 ceiling. This puts further pressure on the bulls to yield, even if they are backed by favorable market conditions and institutional support from centralized organizations like Sony.
It will take some time to Optimism to resume its upward trajectory. Being in a narrow trading range, the bulls have little room to maneuver to take profits, which will delay the bullish breakout in the coming weeks or months.
However, positive developments could 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 former’s development. But OP’s high market correlation with BTC could be a double-edged sword for the token.
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As time goes on, BTC could face some resistance on its upward trajectory, possibly returning to sustainable levels in the near term. With this in mind, investors and traders should be very aware of the current market volatility. However, with the long-term viability of the new Soneium, there is plenty of reason to be optimistic about OP.
Featured image from Pexels, chart from TradingView
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