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Optimism Price Prediction: Will This Polygon Rival Recover in 2023?

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Optimism price tilted upwards on Wednesday as cryptocurrencies staged a slow recovery. OP jumped to a high of $1.05, which was about 65% from the lowest level in November. This price is about 55% below the highest point in August. So, what next for OP in the coming months?

What is Optimism?

Optimism is a leading blockchain project in the layer-2 industry. It is a rival to Polygon and other layer 2 networks like Arbitrum and Loopring. The network makes it possible for developers to supercharge their applications and make them faster and cost-efficient. 

Optimism has been used by some of the best-known projects in the crypto universe. Examples of apps in its ecosystem are AAVE, Synthetix, Velodrome, Curve, and Uniswap. Others are Sonne Finance, Beefy, Stargate, and Perpetual Protocol.

According to DeFi Llama, Optimism has a total value locked of about $600 million, making it one of the biggest platforms. At its peak, Optimism had a TVL of more than $28 billion.

Like other cryptocurrencies, Optimism price had a difficult performance in 2022 as the industry battled numerous challenges. For example, it battled the collapse of FTX and other leading players like Voyager Digital and Celsius. It also reacted to the overall outflows from the crypto industry. 

Will Optimism price recover in 2023?

Optimism price action will depend on several factors in 2023. First, it will depend on the Federal Reserve. Signs of a Fed pivot will be bullish for cryptocurrencies and stocks. Historically, crypto and other assets tend to do well in a period when the Fed is lowering interest rates. There are signs that the bank will start lowering rates or stop hike rates since inflation has started to ease.

Second, OP price will react to its ecosystem growth. Ecosystem growth will lead to more activity in the network, which will push its price higher. 

Finally, regulations will play a part. Analysts expect that regulators will tighten crypto rules in a bid to avoid major blow ups in the future.

The four-hour chart shows that OP price has been in a tight range in the past few days. It moved above the 25-day moving average while oscillators continued rising. Therefore, the coin will likely continue rising in the near term. A drop below the support ay $0.85 will invalidate the bullish view.

 

Altcoins

Solana Price Surges Beyond $100, Dethroning Ripple and BNB To Secure Fourth Place

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Solana price performance in recent times has been remarkable, surpassing Ripple and Binance Coin to become the fourth-largest cryptocurrency by market cap. The SOL price breached the critical level of $100 for the first time since April 2022 over the weekend to imbue optimism among investors. However, the altcoin has corrected by 7%, suggesting that the market is overheated. At the time of writing, the ‘Ethereum killer’ was trading slightly lower at $111.60.

SOL Outlook

Solana price has made a significant recovery over the past few weeks, climbing above the psychological level of $100. The altcoin has been one of the best-performing assets this year, extending its year-to-date gains to more than 1,025%, with more gains recorded in the past month alone. However, even with such growth, analysts have noted that Solana has a bleak chance of topping its ATH of $260.

The reason behind this is the increase in supply relative to its value. In November 2021, when the Solana price hit its all-time high of $260, its total market capitalization was around $78 billion. Despite the value of the crypto asset being less than half of what it was at the top, its market cap is currently hovering near $50 billion.

This has been brought about by the increase in the Solana supply by more than 100 million SOL over the past two years. According to some analysts, for the altcoin to retest $260, its…

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Solana Price Skyrockets to 20-Month Peak Amidst Memecoin Frenzy

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Solana price has noted significant gains over the past few weeks, climbing to its highest level since April 2022. The ‘Ethereum Killer’ almost topped the crucial level of $100 on Friday, before pulling back slightly. The asset’s recent surge has catapulted Solana’s total market cap to $39.6 billion, ranking 5th after and above BNB and XRP, respectively. Solana has jumped by more than 22% in the past week and more than 80% in the month to date. At the time of writing, SOL price was trading 0.90% lower at $93.10.

Catalysts Behind SOL’s Rally

Solana price has been on a strong bull run over the past few days, rocketing to its highest level in 20 months as the network benefits from the substantial activity and strong interest in memecoins. The SOL token, the native digital asset of the high-performance blockchain platform Solana, has shown some serious strength over the past few weeks, outperforming all the altcoins in the market.

The recent surge in the Solana price has been linked to heightened on-chain activities on the Solana blockchain. Notably, the ongoing hype for the blockchain’s speedy transactions, cheap fees, and a lottery of meme coin issuances has buoyed SOL’s on-chain activity. Metrics have revealed that Solana has been the strongest draw among on-chain traders, with trading volumes and network fees outperforming Ethereum- the largest altcoin by market cap.

Cited figures provided by DeFi aggregator DeFiLlama

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Solana Price Breaches $60 Amid a Symphony of Bullish Indicators

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Solana price has jumped more than 8% over the past week, breaching the important level of $60. At the time of writing, Solana was trading 3% higher at $61.07. The asset’s total market cap has climbed to $25.9 billion over the past week, ranking it the 6th largest cryptocurrency after XRP. The total volume of SOL traded over the last day has declined by 8%.

SOL’s Bullish Cues

Solana’s price has been among the best-performing cryptocurrencies this year amid continuous growth. The “Ethereum killer” has consistently impressed investors throughout the year on the back of a resurgence in bullishness, which saw SOL’s price climb more than 513% in the year to date. Institutional investors have also shared the bullish sentiment, making Solana their most preferred altcoin.

In the week ending November 24, Solana recorded inflows worth nearly $3.5 million, significantly more than the other altcoins’ inflows combined. The asset’s monthly inflows were higher at $40.2 million, lower than Ethereum’s $99.6 million inflows in the same period. Other altcoins, including Litecoin and Ethereum, noted significant outflows, making Solana nearly half of the home for DeFi. This implies that when it comes to institutions, Solana is currently the best-performing altcoin with the potential of a long-term rally much higher than other digital assets.

Notably, the Solana DeFi ecosystem accomplished a significant milestone earlier this week. Its Total Value Locked (TVL) hit a new yearly peak of over $655 million,…

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