Optimism (OP) Sees Bearish Action, But On-Chain Data Looks Vastly Different

Optimism has been seeing bearish action since the start of this month. But this week, it has been much worse for investors and traders.

Optimism (OP) has been battered by the bears for the past month. However, on-chain data suggests that the platform is still seeing significant growth in terms of active addresses and transactions. Additionally, Optimism is hosting several events, such as a chain-wise hackathon and the next Retro Funding round, which could be contributing to this on-chain growth.

Despite the bearish price action, some analysts, such as Professor Astrones, remain bullish on OP, pointing out that the token has broken through the downtrend it has followed since early this year. However, OP’s high correlation with Ethereum and the current market correction may impact the token’s ability to see green once more.