In the last few months, there has been quite significant excitement around the Layer 2 tokens, with Optimism (OP) and Polygon (MATIC) battling for dominance. However, it seems Optimism is pulling ahead while Polygon struggles to keep up. While Optimism and Polygon compete for dominance, a new entrant ERC-20 coin, Algotech (ALGT), is quietly gaining popularity among crypto enthusiasts and traders.
Optimism (OP) Drops 11% Despite Network Growth
Optimism, an Ethereum scaling solution, has been making waves in the crypto world. Recently, the OP token surpassed $2.50, generating excitement among traders and investors for its future. Layer 2 solutions have become hugely popular in the past few months. In May, Optimism emerged as a leading Layer 2 network. According to a Coin98 report, Optimism had the most total addresses, with an impressive 144 million. Optimism also dominated the daily new addresses chart for much of May, showing strong network growth and user adoption.
While Optimism excelled in network metrics, the OP token’s price performance shows a different story. Data from CoinMarketCap shows OP’s price dropped by more than 11% in the last 30 days. At the time of writing, OP is trading around $2.47, with a market cap exceeding $2.6 billion.
However, Optimism looks towards a bright future with promising long-term prospects. Regular developments and new features continue to gain traction. A whopping $6 billion shifted from Ethereum’s main network to Optimism. This indicates a slew of users drastically favor and find value in Optimism.
MATIC Could Reach $0.78-$0.8 if Momentum Continues
Unlike Optimism’s recent rise in network metrics, Polygon (MATIC) has struggled to gain much traction in 2024. As we near the middle of the year, MATIC has failed to build any significant momentum. It is one of the most stagnant cryptos, despite its great potential, like Ripple (XRP).
However, this stagnation may not last. Technical analysis shows Polygon could get a bullish sentiment, possibly reaching $0.8 in June. Specifically, the asset will enter the Ichimoku Cloud, which could mean more volatility. Analysts see key indicators, like the EMA 100 and an Ichimoku baseline support, that could enable a potential rally.
In the past seven days, MATIC has already increased by 4%, according to CoinMarketCap. While a small gain, could signal the starting of a huge upward move. Polygon has been testing the 0.618 Fibonacci retracement level. Breaking through this resistance could be massively important for driving the incoming rally.
If the breakout takes place, MATIC could rise to the higher parts of the Ichimoku Cloud. It could then meet more resistance levels at other technical barriers. If the upward movement keeps going, the asset might reach the 0.5 Fibonacci level, which is currently between $0.78 and $0.8.
Analysts Predict ALGT to Hit $1 Post-Launch, Potential 1200x ROI
The Algotech presale is currently underway and has already raised over $6.1 million, with the project entering its bonus stage. According to analysts, ALGT is predicted to hit $1 soon after its launch, making it an attractive investment opportunity for those seeking substantial returns. Some experts even suggest that ALGT could offer a 1200x return on investment (ROI) during this bull run.
Additionally, Algotech places a strong emphasis on risk management, employing advanced strategies to minimize potential losses and enhance overall trading performance. The platform’s decentralized and transparent nature ensures clear transaction visibility, safeguarding users from potential negative market impacts and fostering trust within the community. This approach has helped build confidence among investors and traders.
Algotech’s reward system is also noteworthy, offering users the opportunity to earn a share of the platform’s profits based on their investment levels. With eight reward levels ranging from “Sea Urchins” to “The Kraken,” users can earn up to 10% of the platform’s profits by achieving the highest investment tier. This incentive program has further contributed to the growing interest in the platform.
Learn more:
Visit Algotech Presale
Join The Algotech Community
The post Optimism (OP) Races Ahead of Polygon (MATIC) – This Underrated ERC-20 Coin is Still More Popular appeared first on CoinChapter.
