According to a tweet from crypto monitoring firm Delphi Digital on January 16, Optimism [OP] has seen strong transaction volumes. Only Ethereum’s [ETH] mainnet saw a higher volume of transactions, according to the data. Furthermore, Optimism outperformed another Ethereum Layer 2 network, Arbitrum.
Dune Analytics’ daily transaction data analysis contributes to a clearer picture of the volume Optimism has recently attracted. Daily trades have been on an increasing trend since December 2022, trading above the seven-day Moving Average. However, the volume of transactions in January exceeded that of the previous year, indicating that the scaling network is being used more frequently.
Because of the increased volume, the seven-day moving average has been breached, and the trend above it is now more relevant. The previous week also saw a record high in volume, with roughly 800,000 daily transactions visible on the chart.
The recent increasing trend of the Optimism network looks to be hurting its native token, OP. According to Santiment’s research, OP has recently seen an increase in volume. Looking at the chart, it was clear that the volume measure was currently at levels similar to those seen in November and September of the previous year.
As of this writing, the volume had already topped 200 million, and it had more than doubled by January 14th.
According to the data, the number of active addresses has also increased significantly during the last 30 days. In November 2022, there were less than 140,000 active addresses, but by December of the same year, that number had climbed to approximately 192,000.
As of this writing, there were over 224,000 active addresses available, a huge increase over the previous year.
On a daily basis, the trend line chart showed that optimism was rising. As the price has risen, the trend line has also served as support and resistance. As of this writing, it was up more than 3% and trading at over $1.7.
Furthermore, on a daily basis, the Directional Movement Index (DMI) and the Relative Strength Index (RSI) revealed that OP was in a bull trend. The plus DI and signal line (green and yellow lines) on the DMI were both above 20, indicating a bullish trend.
Furthermore, the RSI line was noted to be above 80, indicating a strong bullish trend for OP. The RSI line, which was in an overbought level, also indicated a possible price correction.