- Optimism saw a massive increase in trading volume as it trended above its seven-day moving average.
- Optimism [OP] also attracted a high number of daily active addresses.
According to a January 16 tweet from cryptanalytic firm Delphi Digital, Optimism [OP] experienced high transaction volumes. According to the data, only Ethereum [ETH] mainnet had a higher transaction volume. In addition, optimism ranked higher than another Ethereum Layer 2 network Arbitration.
Daily transactions on @arbitrum and @optimismFND combined, there were only 16,000 transactions less than Ethereum’s total daily transactions on January 7. pic.twitter.com/toXJqNH53i
—Delphi Digital (@Delphi_Digital) January 16, 2023
Read optimism [OP] Price prediction 2023-24
Dune Analytics’ daily analysis of transaction data helps provide a clearer picture of volume Optimism recently attracted. Since December 2022, daily trades have been on an upward trend, trading above the seven-day moving average. However, transaction volume in January surpassed last year, suggesting more frequent use of the scaling network.
Source: Dune Analysis
The seven-day moving average has been broken above and the trend above is now more meaningful due to increased volume. The previous week also saw record volume, with daily trades around 800,000 on the chart.
Volume of optimism and active addresses impacted
The Optimism The network’s recent uptrend appears to be affecting its native token, OP. Santiment’s data indicated that OP has also seen a surge in volume recently. Examination of the chart revealed that the volume measure is currently at levels comparable to those last seen in November and September of the previous year.
As of this writing, the volume had already surpassed 200 million, and by January 14, it had doubled.
Source: Santiment
According to the data, there has also been a significant increase in the number of active addresses over the past 30 days. For context, there were less than 140,000 active addresses in November 2022, but by December of the same year, that number had risen to nearly 192,000.
Over 224,000 active addresses were available to date, a significant increase from what was available the year before.
Source: Santiment
The price of the OP remains bullish… But for how long?
The trendline chart showed that optimism increased on a daily basis. The trendline also acted as support and resistance as the price moved higher. It was up over 3% at the time of this writing and trading at around $1.7.
Source: commercial view
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Additionally, the Directional Movement Index (DMI) and Relative Strength Index (RSI) indicated that the OP was in an uptrend on a daily timeframe. On the DMI, the DI plus and the signal line (green and yellow line) were seen above 20, signifying an uptrend.
Additionally, the RSI line was seen above 80, which denotes a strong uptrend for OP. A likely price correction was also signaled by the RSI line, which was in an overbought zone.
