Optimism (OP) Investors Become More Enthusiastic after This Week's Price Actions, as Sony Enters Web 3 and Crypto Space with Soneium

According to CoinGecko, the token is up more than 24% since last week which is currently supported by the strong bullish sentiment present within the market.

Optimism (OP) investors have more reasons to be cheerful this week after the token’s price action. According to CoinGecko, the token is up more than 24% over the last week, buoyed by the strong bullish sentiment in the market.

But Optimism might have more surprises in store, as the platform announces a major partnership that could change the game for Optimism – Sony is entering the Web 3 and crypto space with Soneium, a venture with Startale Labs.

Sony Enters Web 3 With Soneium

In a press release yesterday, Sony announced the creation of Soneium, their first venture into the Web 3 and crypto space. According to their press release, the Soneium blockchain will be used to “explore and develop a plan to make the network public and aim to create new services by leveraging the various businesses and IP within the Sony Group.”

This is a major move for the crypto community. The blockchain’s focus on Web 3 games and NFTs could reignite retail interest in both industries, potentially putting NFTs back in the spotlight for the long term.

The chain was built using the Optimism stack, making it part of the platform’s superchain. Soneium is also EVM-compatible, making the platform easy to use for developers. As the new blockchain matures, Optimism can expect to see new bullish momentum on its platform and OP.

$1.5-$1.6 Trading Range Still Too Strong For Optimism

Despite the bullishness OP has found at this level, the token continues to be rejected at the $1.6 ceiling. This puts new pressure on the bulls to perform, despite having bullish market conditions and institutional support from major organizations like Sony.

It will take some time for Optimism to continue its upwards trajectory. Being in a narrow trading range, the bulls have little room to gain any traction moving the bullish breakout over the next few weeks or months.

However, the positive developments could shorten this time frame by a few days as long-term speculators enter the market. As Soneium enters a maturation phase, Optimism will be affected by the development of the former. But OP’s high market correlation with BTC might be a double edged sword for the token.

As time progresses, BTC may face some resistance in its upwards trajectory, returning to sustainable levels in the short term. Keeping this in mind, investors and traders should be fully aware of the market’s current volatility. However, with the long term viability of the new Soneium, there’s a lot to be optimistic for OP.

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