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OP, SNX and ARB Surge 24H as Layer-2 Projects Gain Traction

Published 20/07/2023, 13:43
OP, SNX and ARB Surge 24H as Layer-2 Projects Gain Traction

  • OP, SNX and ARB were able to print 24-hour gains according to CoinMarketCap.

  • Technicals for SNX suggested that there may be a strong breakout towards the upside soon.

  • ARB may also experience a breakout in the coming week as a wedge pattern forms on its daily chart.

Layer-2 cryptocurrency projects may rally in the coming few weeks following Ethereum’s (ETH) latest upgrade; EIP-4844. This upgrade is aimed at reducing gas fees for transactions by introducing a special transaction type.

Due to its focus on reducing gas fees for Ethereum’s beacon chain, EIP-4844 is forecasted to amplify the advantages it brings to Layer-2 scaling solutions. Consequently, this enhancement will draw a significant number of investors seeking to engage with Layer-2 chains such as Optimism, Arbitrum, Synthetix, and others.

The past 24 hours saw almost all Layer-2 cryptocurrencies achieve a fair gain. In particular, Synthetix (SNX), Optimism (OP) and Arbitrum (ARB) have seen their prices spike during the past day of trading, according to CoinMarketCap.

Synthetix (SNX)

SNX had reached a high of $2.82 over the past 24 hours as the cryptocurrency soared approximately 3.91% yeste…

The post OP, SNX and ARB Surge 24H as Layer-2 Projects Gain Traction appeared first on Coin Edition.

The post OP, SNX and ARB Surge 24H as Layer-2 Projects Gain Traction appeared first on Coin Edition.

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