Looking at the hourly chart of OP showed that its price was far away from its monthly highs. After 8 August, the price of OP continued to decline. It exhibited multiple lower lows and lower highs, signaling a bearish trend.
It remains to be seen whether the price movement of OP will be positive enough for the token to establish a positive bullish trend. Notably, indicators for the OP token were pointing north at the time of writing. Moreover, the token’s RSI was at 63.61, which suggested that there was still bullish momentum for the token at press time. The CMF was in the green as well, which implied that the money flow was favoring the buyers.Despite the recent positive momentum, OP’s network growth had declined at press time. This indicated that new addresses were not showing much interest in the token, and the surge in growth could be attributed to old holders accumulating.