Amber Group accumulates Optimism worth $10M, boosting OP’s bullish trajectory

Layer2 network Optimism exhibits a bullish outlook, following impressive price movements over the previous month. Digital assets company Amber Group boosted OP’s stance by accumulating 5.37M tokens (worth $9.37M) in the past three days.

Optimism saw accumulation by traders and institutional players. Data Nerd stats show an Amber Group-linked address withdrew 2.84M OP coins from Binance.

Generally, removing OP from cryptocurrency exchanges paints a bullish picture as it lessens selling momentum.

On-chain metrics supporting OP’s bullishness

Moreover, Optimism’s on-chain metrics indicate upside potential for the altcoin. Santiment data shows traders in three categories (1K – 10K, 10K – 100K, and 1M – 10M) bought more OP tokens. That supports the alt’s price surges.

Also, Santiment noted that OP trade volume surged consistently to three-month peaks. The metric climbed to 259.48M on 13 November from August’s 128.84M – a two-fold increase.

Further, Optimism’s total value locked jumped over 16% between 1 November and 13 November. That shows surging relevance and demand for OP among market players.

Optimism price analysis

OP traded at $1.87 at this publication, surging 8.90% within the past day and over 20% over the previous week. The altcoin remained elevated in the last 30 days, surging more than 55% on its monthly chart.

Optimism can maintain its upside stance, considering its bullish on-chain data. Also, broad market developments are crucial for OP’s future outlook. Market pundits believe altcoins are joining Bitcoin’s rally.

The altcoin market remains poised for solid rallies. That will possibly catalyze significant upswings for Optimism. Also, trust by institutional players translates to surged demand for an asset, pushing its prices higher.