Optimism (OP) is seeing a rebound in NFT token trading with their price rising towards $2
Leading Layer 2 (L2) network, Optimism (OP), saw a spike in trading activity on Tuesday across the non-fungible token (NFT) ecosystem.
On that day, NFT sales volume rose to its highest level in a month, recording $547,000
Optimism NFT is seeing an increase in activity
According to Santiment data, Optimism recorded a single-day NFT sales volume of $547,000 on Tuesday. This also represents a 475% increase over the sales volume recorded the previous day, which amounted to $95,000
This sharp rise in NFT trading activity on the L2 network comes amid increased demand for them in the past few days
Ahead of the potential approval of spot Bitcoin ETFs holding Ethereum's Ethereum token, there has been a gradual increase in demand for L2 networks.
On-chain data reveals an increase in the daily number of unique addresses participating in at least one transaction on Optimism. Thanks to the growth of unique on-chain addresses, the number of transactions completed daily has also increased
Aside from the NFT sector, another growth area within the Optimism ecosystem is the decentralized finance (DeFi) sector. Helped by the broader market recovery in the past few weeks, total value locked (TVL) across the network has risen by 15% in the past 30 days.
In addition, the volume of daily transactions on decentralized exchanges (DEXes) on the L2 network has increased. According to Artemis data, this has increased by 17% in the past seven days
The combined rise in Optimism's NFT sales volume, the total value locked in DeFi, and trading volume on decentralized trading platforms indicates a significant increase in overall network activity. This is a positive sign of the network's growth and adoption, especially with the launch of Ethereum Spot ETFs
Optimism OP Price Forecast: The uptrend is currently strong
OP coin is currently trading at $1.86. The high demand for it last month affected the price of the currency
Which is up 10% in the last 30 days
The Aroon Up Line indicator, evaluated on the daily chart, confirmed the possibility of extending the upward trend. At the time of publishing, the index value stands at 85.71%
The Aroon Indicator for any asset tracks the price trend and identifies potential price reversal points. When the ascending line is close to 100, it indicates that the uptrend is strong and the highest level was reached relatively recently
If the value of Optimism OP coin continues to rise, it may trade above the $1.90 price level
However, if the current uptrend weakens, the above bullish thesis will be invalidated, and the coin price will see a drop to $1.60.
