The optimism protocol has expanded significantly during the previous few weeks. Despite bearish challenges, it has been further boosted by the overall evaluation of Layer 2s in 2022.
On rumors and speculation of a major hack, the Optimism(OP) flash price drops by 10%. Following a team statement that it had not been hacked for $450 million, the layer 2 system’s token dropped 10% on Wednesday before rising to its pre-crash level. Aave, Velodrome, and PoolTogether are the three protocols that now offer OP token rewards, and more are in the works. The L2 blockchain’s multisignature wallet recorded a strange action on the chain, which sparked the hack.
Earlier in June, a miscalculation between multisignature addresses cost Optimism 20 million OP tokens. Users were informed by the team that the OP transfers made from the multisignature address were actually a series of scheduled transfers to the Coinbase Custody wallets. Let’s take a look at the OP price.
OP Price Prediction
The OP coin has surpassed a significant resistance level at $1.02 price on the daily price chart. The following days will be supported by this level. The bulls, meanwhile, are just holding the OP price above the $1.02 resistance level. If bulls are unable to overcome the $1.66 resistance level, the price will drop to the $0.75 support level. Lower-time frame market structure has changed, now leaning bullish. However, the OP must maintain the $0.75 support level.
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