• Optimism [OP] recently released a new update for its Goerli nodes ahead of the Goerli Regolith hard fork.
• OP’s price registered an uptick and was one of the top gainers over the last 24 hours.
• On-chain metrics and market indicators supported the market’s bears too.
Optimism Releases Update Ahead of Goerli Regolith Hard Fork
Optimism (OP) recently released a new update for its Goerli nodes ahead of the scheduled Goerli Regolith hard fork event on March 17. The announcement caused OP’s price to register an uptick, making it one of the top gainers over the last 24 hours. Despite this positive development, on-chain metrics and market indicators have favored the bears in recent times.
The update requested all Optimism infra providers to upgrade their nodes to op-geth v1.11.2-de8c5df46 and op-node to v1.0.0 before March 17 at 19:00 UTC, when the Goerli Regolith hardfork takes place. The Regolith upgrade implements minor changes to deposit processing and is based on data collected from Sherlock Audit contest as well as findings from Bedrock Optimism Goerli testnet. It uses a L2 block-timestamp activation rule which is specified in both rollup-node and execution engine.
Price Action & Market Response
As news about the update spread, OP’s price began to increase steadily, eventually earning it a spot among the top daily crypto gainers list according to CoinMarketCap data. At press time, OP was trading at $2.44 with a market capitalization of more than $767 million, although its growth momentum seemed to have slowed down somewhat since then due to bearish pressure from certain indicators such as CMF (Chaikin Money Flow) and RSI (Relative Strength Index). Nevertheless, MFI (Money Flow Index) registered an uptick which could be indicative of further price pumps in future periods if conditions remain favorable for bulls in the marketspace surrounding OP tokens..
On Chain Metrics & Market Indicators
Token Terminal’s data revealed that Optimism’s revenue had declined by nearly 7% over past weeks while its active addresses also dropped by 3%. Similarly, there has been a decrease in overall transaction volume compared to previous periods leading up to this point despite increased interest from traders in today’s marketspace surrounding OP tokens which likely contributed towards its bullish gains earlier today before being outweighed by bearish influence thereafter..
Overall, optimism remains high amongst industry experts who suggest that even with all these bearish signals present in current marketscape surrounding Optimism token prices still have potentiality for good returns depending upon how sentiment shapes up moving forward into next week when actual hardfork event will take place as per original timeline set out by project team members priorly back then during initial announcement release post launch period near end of February this year..