OP’s ‘Optimism’ may be amiss as the altcoin slips below this key support level

ambcrypto.com:

Layer 2 projects such as Optimism [OP] managed to outshine their sidechain counterparts in the L2 race. However, when compared with the second-largest cryptocurrency, the gap between the two was extremely evident. But has the L2 platform doing its bits to close that distance?

The OP token slipped below the key support level of $1.0. Thus, it struggled into the narrow consolidating pattern since last week. As per CoinMarketCap, OP, the native token suffered a fresh 5% correction as it traded around the $0.85 mark.

Source: CoinMarketCap

To add to this, when compared to Ethereum [ETH], Optimism’s transaction game was an insignificant one. As can seen on the graph below, the sheer difference in the transaction count was a vast one. Furthermore, Optimism’s transactions count fell significantly compared to ETH.

Here’s an instance of the transaction gap between Ethereum vs Optimism on Nansen.

Source: Nansen

Even so, the fundamentals seemed to look strong than ever given the sheer developments within the space.

Firstly, marketplace OpenSea launched support for the Optimism blockchain, enabling the integration of popular collections, such as Apetimism, Bored Town, MotorHeadz, and OptiChads within the platform.

In addition, OP holders also had Optimism Kovan testnet to consider as it wouldfully decommissioned on 5 October. Yet another development to look forward to for the platform.

Such bullish developments did indeed help the community gain set of traction. For instance, Optimism completed 5 million monthly transactions in September.

Source: Dune Analytics

Indeed an incline from the total 4.3 million transactions was registered by Optimism in August. Would this be sufficient for the flagship platform to compete with ETH?

Not yet. Despite