As the market gains more bullish momentum, Optimism (OP) investors are becoming more enthusiastic after this week’s price action. According to CoinGeckoThe token’s value has increased by over 24% since last week, which is currently supported by forceful optimism prevailing in the market.
However, Optimism may have even more surprises in store as the platform announces a major partnership that could change the fortunes of Optimism as Sony enters the Web 3 and cryptocurrency markets with Soneium, a venture with Startale Labs.
Sony enters Web 3 with Soneium
In a press release issued yesterday, Sony announced 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 go public and create new services by leveraging various businesses and IP within the Sony Group.”
This is becoming a great opportunity for the cryptocurrency community. The blockchain’s focus on Web 3 games and NFTs could revive retail interest in both industries, which could put NFTs in the spotlight in the long run.
The chain was built using the Optimism stack, making it part of the platform’s superchain. Soneium is also compatible with EVM, making the platform uncomplicated for developers to employ. As the novel blockchain matures, Optimism can expect novel bullish momentum on its platform and OP.
Trading range of $1.5-$1.6 remains unbroken for optimism
Despite the optimism OP found at this level, the token is still being rejected at the $1.60 ceiling. This puts novel pressure on bulls to act, even if they are supported by favorable market conditions and institutional support from centralized organizations like Sony.
It will take some time Optimism resume its upward trajectory. Being in a tight trading range, bulls have little room to grab profits, pushing a bullish breakout in the next few weeks or months.
However, positive developments could shorten this period by a few days as long-term speculators enter the market. As Soneium enters a maturing phase, optimism will be affected by the former’s development. However, OP’s high market correlation with BTC could be a double-edged sword for the token.
As time passes, BTC may encounter some resistance on its upward trajectory, possibly returning to sustainable levels in the tiny term. With this in mind, investors and traders should be aware of the current market volatility. However, considering the long-term viability of the novel Soneium, there is plenty of reason to be sanguine about OP.
Featured image from Pexels, chart from TradingView
