Optimism saw a huge increase in transaction volume as it broke above its seven-day moving average.
Optimism [OP] has also attracted a large number of daily active addresses.
According to a Jan. 16 tweet by crypto analytics firm Delphi Digital, Optimism [OP] has known high transaction volumes. As far as the data showed, just that of Ethereum [ETH] mainnet had a higher transaction volume. Also, Optimism scored higher than another Ethereum Layer 2 network Arbitrum.
Daily transactions @arbitrum and @optimismFND combined, there were only 16,000 fewer transactions than Ethereum’s total daily transactions on January 7. pic.twitter.com/toXJqNH53i
— Delphi Digital (@Delphi_Digital) January 16, 2023
Read Optimism [OP] Price Forecast 2023-24
Dune Analytics’ daily analysis of transactional data helps provide a clearer picture of the volume Optimism has been attracting lately. Since December 2022, daily trades have been in an upward trend, trading above the 7-day moving average. However, transaction volume in January was higher than last year, indicating more frequent use of the scale network.
Source: Dune analysis
The seven-day moving average has broken and the trend above it is now more meaningful due to increasing volume. The previous week also saw a record high in volume, with daily transactions of around 800,000 on the card.
Optimism Volume and active addresses affected
The recent upward trend of the Optimism network seems to affect its own token, OP. Santiment’s data indicated that OP has also seen an increase in volume recently. Looking at the chart, the volume measure was currently at levels similar to those last observed in November and September of the previous year.
At the time of writing, the volume had already passed 200 million and by January 14, it had doubled.
Source: Sentiment
According to the data, there has also been a significant increase in the number of active addresses in the past 30 days. For context, there were less than 140,000 active addresses in November 2022, but by December of that same year, that number had risen to nearly 192,000.
At the time of writing, more than 224,000 active addresses were available, a significant increase from what was available last year prior.
Source: Sentiment
OP Price Remains Bullish… But For How Long?
The trendline chart showed that optimism was moving up in a daily time frame. The trendline has also served as support and resistance as the price has moved up. It was up more than 3% at the time of writing and was trading at around $1.7.
Source: Trade View
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In addition, the Directional Movement Index (DMI) and the Relative Strength Index (RSI) indicated that OP was in a bull trend in a daily time frame. The DMI showed the plus DI and the signal line (green and yellow line) above 20, indicating an upward trend.
In addition, the RSI line was seen above 80, indicating a strong bullish trend for OP. A likely price correction was also signaled by the RSI line, which was in overbought territory.
This post Transaction Volume Optimism Reaches New Highs: Can OP Stay Positive?
was published first on https://ambcrypto.com/optimism-transaction-volume-hits-new-highs-can-op-remain-positive/
