Optimism (OP), an Ethereum layer 2 scaling solution, has created 14,300 Ether worth nearly $45 million. Optimism has generated revenue from sequencer fees, which are fees generated when a transaction is made on-chain.

Data from DeFiLlama shows that the total value of assets locked in Optimism surpassed $720 million today.

OP increased with recent developments

OP was up nearly 2% early Tuesday morning. Ethereum's Layer 2 token is trading at $1,638 at the time of writing. Optimism developer Ryan Wyatt noted that the chain has generated 14,300 Ether from transactions made within its network.

There are a total of 26 Optimism Stack chains that share their revenue.

This Layer 2 chain has over $720 million in locked cryptocurrency, which means traders trust this chain and its transparency.

TVL of Optimism | Source: DefilLama

In terms of technical analysis, OP could rise to the $2 target, for a 22.6% upside. OP encountered resistance at $1,815 and $1,822, a multi-month resistance level. OP may find support in the fair value gap (FVG) between $1,532 and $1,581.

The Moving Average Convergence/Divergence (MACD), a momentum indicator, suggests OP could correct towards support and gather liquidity before rising to its target.

OP/USDT daily chart

OP may find support at $1,222, the July 5 low, in case a correction occurs.

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